Steven Croman Sells Hell's Kitchen Multifamily For $20M Through Cushman & Wakefield
351 West 45th Street & 357 West 45th Street
$20,000,000
$251/SF
Building Size
79,472 SF
Asset Type
MultiFamily
Closing
Jun 26, 2024
AI
The multifamily property located at 351-357 West 45th Street in Hell's Kitchen, Manhattan was sold by Steven Croman. The property consists of 80 units spanning 39,736 square feet, with a sale price of $20,000,000. The price per unit was $250,000, and the price per square foot was $503.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $20,000,000
- Units: 80
- Price Per Unit: $250,000
- Square Footage: 39,736
- Price Per Square Foot: $503
- Address: 351-357 West 45th Street
- Market: Hell's Kitchen, Manhattan
- Seller: Steven Croman
- Brokers: Jordan Sutton, Andrew Berry & Charlie Gravina - Cushman & Wakefield
The sale of this multifamily property was facilitated by brokers Jordan Sutton, Andrew Berry, and Charlie Gravina from Cushman & Wakefield, showcasing their expertise in property transactions in the vibrant market of Hell's Kitchen, Manhattan.
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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93