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Xiaoyan Sui Buys Multifamily In Hell's Kitchen From Sterling Holdings For $6.7M
SOLD
$6,700,000
New York
See Similar DealsMultiFamily8,000 SF
Sold 05/31/2024
SOLD
Xiaoyan Sui Buys Multifamily In Hell's Kitchen From Sterling Holdings For $6.7M
351 West 48th Street
See Similar DealsMultiFamily8,000 SF
Sold 05/31/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$837
Total Square Footage:8,000 SF
Transaction Type:Sale
A nine-unit residential walkup located at 351 West 48th Street in Hell's Kitchen, Manhattan, was recently sold for $6.7 million. The property spans 8,000 square feet with a unit price of $744,444 and a price per square foot of $838. The transaction took place on May 31, 2024, with Xiaoyan Sui's 351 W 48 St LLC acquiring the asset from Sterling Holdings' Landmark Holdings Nyc LLC.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $6,700,000
- Units: 9
- Building Square Footage: 12,082
- Price Per Unit: $744,444
- Price Per Square Foot: $555
- Address: 351 West 48th Street, Hell's Kitchen, Manhattan
- Market: Hell’s Kitchen, Manhattan
Xiaoyan Sui represented Xiaoyan Sui during this multifamily property transaction as the buyer. On the other side, Guy Smilovich from Sterling Holdings acted as the seller. The deal was finalized successfully, marking a significant transaction in the Hell's Kitchen real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$357,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,803.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,761.42
Annual Debt Service$381,137.02
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