Updated Oct 29, 2024
The Beekman Estate Acquires Multifamily Property On E. 62nd St. From William Koch For $35.5M
344 East 62nd Street, New York, NY 10065
$35,500,000
$13,148/SF
Building Size
2,700 SF
Asset Type
MultiFamily
Closing
Feb 18, 2019
About this deal
AI
The multifamily property located at 344-348 E. 62nd St. has been sold in a closed transaction. The property was sold by William Koch to The Beekman Estate. The deal was facilitated by brokers Brandon Polakoff and James Nelson of Avison Young. The property was sold for a total price of $35,500,000, resulting in a price per square foot (PPSF) of $985. The capitalization rate (CAP RATE) for the transaction was 2.7%.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $35,500,000
- Address: 344-348 E. 62nd St.
- Seller: William Koch
- Buyer: The Beekman Estate
- Broker: Brandon Polakoff & James Nelson - Avison Young
- Price per Square Foot (PPSF): $985
- Capitalization Rate (CAP RATE): 2.7%
Brandon Polakoff and James Nelson of Avison Young served as the brokers for this transaction, representing both the buyer and the seller. The deal showcases their expertise in the real estate industry and their ability to facilitate successful property transactions.
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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93