Jason Glick Acquires Midtown West Multifamily Property For $13M
SOLD
$13,000,000
+ 2
New York
See Similar DealsMultiFamily19,528 SF
Sold 12/13/2018
SOLD
Jason Glick Acquires Midtown West Multifamily Property For $13M
405 West 50th Street, New York, NY, USA
See Similar DealsMultiFamily19,528 SF
Sold 12/13/2018
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$665
Total Square Footage:19,528 SF
Transaction Type:Sale
The multifamily property located at 405-407 W. 50th St. in Midtown West has been sold for $13 million. The transaction took place on December 13, 2018. The property spans a total of 19,528 square feet, resulting in a price per square foot of $666. It consists of 40 units, with each unit being sold for an average price of $650,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $13M
- Address: 405-407 W. 50th St.
- Market: Midtown West
The seller of the property was John Curreri, while the buyer was Jason Glick. The transaction was facilitated by brokers Peter Von Der Ahe, Joe Koicim, and Logan Markley of New York Multifamily and Marcus & Millichap. They played a crucial role in ensuring the successful completion of the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59
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