Steven Croman Sells Hell's Kitchen Multifamily For $20M Through Cushman & Wakefield
SOLD
$20,000,000
New York
See Similar DealsMultiFamily79,472 SF
Sold 06/26/2024
SOLD
Steven Croman Sells Hell's Kitchen Multifamily For $20M Through Cushman & Wakefield
351 West 45th Street & 357 West 45th Street
See Similar DealsMultiFamily79,472 SF
Sold 06/26/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$251
Total Square Footage:79,472 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$71,055.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$94,810.20
Annual Debt Service$1,137,722.44
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