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344 East 62nd Street, New Y...

Updated Oct 29, 2024

The Beekman Estate Acquires Multifamily Property On E. 62nd St. From William Koch For $35.5M
SOLDMultiFamily

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

Brandon Polakoff

Avison Young

Broker

$1.8B

vol

127 deals

Broker

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $13.1K per square foot on a published $35.5M for 2,700 square feet (2019).

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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

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