Golden East Investors Acquires Multifamily Asset At 350 East 52nd Street For $13.5M

The asset involved in this transaction is a multifamily property located at 350 East 52nd Street in the Turtle Bay neighborhood of Manhattan. The sale price for the property was $13,500,000, and it consists of 137 units. The total square footage of the asset is 142,767, which translates to a price per square foot of $95 and a price per unit of $98,540.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $13,500,000
• Units: 137
• Square Footage: 142,767
• Price Per Unit: $98,540
• Price Per Square Foot: $95

Golden East Investors, through Mazal Echad LLC, completed the acquisition of the property, obtaining it via bankruptcy, which involved $32 million in prior debt. The purchase was financed with a loan of $12.045 million from Farmers Life Insurance Co.