Icon Realty Management Sells Multifamily Asset At 406 West 48th Street For $7M With Friedman-Roth Realty
SOLD
$7,000,000
New York
See Similar DealsMultiFamily9,750 SF
Sold 04/25/2025
SOLD
Icon Realty Management Sells Multifamily Asset At 406 West 48th Street For $7M With Friedman-Roth Realty
406 West 48th Street
See Similar DealsMultiFamily9,750 SF
Sold 04/25/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$717
Total Square Footage:9,750 SF
Transaction Type:Sale
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
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$373,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$24,869.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,183.57
Annual Debt Service$398,202.85
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