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Craig Nassi Of BCN Development LLC Acquires Multifamily Asset From Bob Lai For $33 Million

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SOLD
$44,000,000

New York

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MultiFamily50,000 SF
Sold 03/15/2025
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SOLD

Craig Nassi Of BCN Development LLC Acquires Multifamily Asset From Bob Lai For $33 Million

350 West 38th Street

See Similar Deals
MultiFamily50,000 SF
Sold 03/15/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$880
Total Square Footage:50,000 SF
Transaction Type:Sale

The property asset involved in this transaction is located at 350 West 38th Street in the Hudson Yards market. This multifamily asset features a sale price of $33,000,000, comprising 55 residential units and 20 commercial units, with a total square footage of 50,000 and a price per square foot of $660.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $33,000,000
  • Address: 350 West 38th Street
  • Market: Hudson Yards
  • Residential Units: 55
  • Commercial Units: 20
  • Square Footage: 50,000
  • Price per Square Foot: $660
  • Buyer: Craig Nassi - BCN Development LLC
  • Seller: Bob Lai
  • Broker: Andrew Jacobs - Colliers

This deal involved Craig Nassi representing BCN Development LLC as the buyer, while Bob Lai acted as the seller. The brokerage services for this transaction were provided by Andrew Jacobs from Colliers, indicating a professional engagement in the multifamily market sector.

Players

Andrew Jacobs
Colliers
Andrew Jacobs
4 deals$92M volume(914) 980-4696
BROKER

Details

SOLD
IMAGE: CONTRACT IMAGE: Craig Nassi & Andrew Jacobs DATE: 03/15/2025 ADDRESS: 350 West 38th Street MARKET: Hudson Yards ASSET TYPE: Multifamily BUYER: Craig Nassi - BCN Development LLC SELLER: Bob Lai BROKER: Andrew Jacobs - Colliers (@ColliersInternational) SALE PRICE: $33,000,000 RESIDENTIAL UNITS: 55 COMMERCIAL UNITS: 20 SF: 50,000 ~ PPSF: $660

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

$2,346,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$156,322.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$208,582.45
Annual Debt Service$2,502,989.37