Standard Property Company Acquires Multifam Property For $110.3M In Manhattan From Seller Starrett Corporation
341 W 50th St, New York, NY 10019, USA
Building Size
1,500,000 SF
Asset Type
MultiFamily
Closing
Oct 3, 2017
AI
The multifamily property located at 341-363 West 50th Street in Manhattan, New York has been sold in a closed transaction. The property spans 150,000 square feet and was sold at a price of $110,300,000, resulting in a price per square foot of $733. The seller of the property is Starrett Corporation and the buyer is Standard Property Company.
Summary of transaction details
- Property Type: Multifam
- Transaction Amount: $110,300,000
- Address: 341-363 West 50th Street, New York
- Market: Manhattan
- Square Footage: 150,000
- Price per Square Foot: $733
- Seller: Starrett Corporation
- Buyer: Standard Property Company
The deal was facilitated by Ariel Property Advisors acting as the broker in the transaction.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93