Witnick Real Estate Partners Acquires East Village Multifamily For $6.95M
SOLD
$6,950,000
+ 1
New York
See Similar DealsMultiFamily9,410 SF
Sold 12/13/2021
SOLD
Witnick Real Estate Partners Acquires East Village Multifamily For $6.95M
417 East 9th Street, New York City, New York 10009, United States
See Similar DealsMultiFamily9,410 SF
Sold 12/13/2021
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$738
Total Square Footage:9,410 SF
Transaction Type:Sale
The multifamily property located at 417 East 9th Street in the East Village has been sold for a total of $6,950,000. The transaction took place on December 13, 2021. The property consists of 22 units, with an average price per unit of $315,909. It spans across 11,600 square feet, resulting in a price per square foot of $595.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,950,000
- Address: 417 East 9th Street, East Village
- Market: East Village
The buyer of the property is Witnick Real Estate Partners, represented by Isaac Abraham. The sale was facilitated by brokers Brandon Polakoff, James Nelson, and Alex Marolda from Avison Young.
Brandon Polakoff, James Nelson, and Alex Marolda from Avison Young played an instrumental role in the transaction as the buyer's representatives. Their expertise and negotiation skills ensured 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)
$370,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$24,691.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$32,946.55
Annual Debt Service$395,358.55
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