Updated May 22, 2025
Icon Realty Management Sells Multifamily Asset At 406 West 48th Street For $7M With Friedman-Roth Realty
406 West 48th Street
$7,000,000
$717/SF
Building Size
9,750 SF
Asset Type
MultiFamily
Closing
Apr 24, 2025
About this deal
AI
The multifamily asset located at 406 West 48th Street in the Hell's Kitchen market was sold for $7,000,000. The property consists of 20 units, which equates to a price per unit of $350,000. The total square footage of the building is 9,750, resulting in a price per square foot of $717.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,000,000
- Units: 20
- Price Per Unit: $350,000
- Square Feet: 9,750
- Price Per Square Foot: $717
- Seller: Icon Realty Management
- Buyer's Representative: Joseph Smith - Friedman-Roth Realty
- Seller's Representative: Ryan Perlmutter - Friedman-Roth Realty
Joseph Smith represented the buyer, while Ryan Perlmutter represented the seller in this transaction, both affiliated with Friedman-Roth Realty.
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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93