Updated Oct 28, 2024
Alma Realty Acquires Multifamily Property In Washington Heights For $6.55M
353 Fort Washington Avenue, New York City, New York 10033, United States
Building Size
54,804 SF
Asset Type
MultiFamily
Closing
Dec 21, 2021
About this deal
AI
Alma Realty has acquired a multifamily property located at 353 Fort Washington Avenue in Washington Heights. The transaction, which took place on December 22, 2021, involved the sale of the property by The Estate of Joe Lewner. The deal was facilitated by brokers Robert (Bob) Knakal, Clint Olsen, Hall Oster, Jonathan (Jon) Hageman, and Teddy Galligan of JLL. The property consists of 36 units with a total square footage of 54,804. The sale price for the property was $6,550,000, resulting in a price per unit of $181,944 and a price per square foot of $119.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $6,550,000
- Address: 353 Fort Washington Avenue
- Market: Washington Heights
The buyer, Alma Realty, was represented by Steve Valiotis in the transaction. The seller, The Estate of Joe Lewner, entrusted the sale to the brokers at JLL, including Robert (Bob) Knakal, Clint Olsen, Hall Oster, Jonathan (Jon) Hageman, and Teddy Galligan. This successful transaction highlights the expertise and negotiation skills of all parties involved.
Players
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93