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Peter Hungerford Acquires Apartment In Clinton - Hell's Kitchen For $19M

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SOLD
$19,000,000

New York

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MultiFamily26,512 SF
Sold 05/13/2022
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SOLD

Peter Hungerford Acquires Apartment In Clinton - Hell's Kitchen For $19M

424 West 56th Street, New York City, New York 10019, United States

See Similar Deals
MultiFamily26,512 SF
Sold 05/13/2022
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$716
Total Square Footage:26,512 SF
Transaction Type:Sale

A closed property transaction took place in Clinton - Hell's Kitchen, Manhattan, at 418-424 West 56th Street. The property is an apartment building with a total square footage of 26,512 and a price of $19,000,000. The building has a buildable square footage (BSF) of 45,602, resulting in a price per buildable square foot (PPBSF) of $416. The price per square foot (PPSF) for the existing square footage is $716. The lot size is 7,575 square feet, with dimensions of 100.25 ft x 81.67 ft. The property is zoned R8 and falls under tax class 2. The transaction took place on May 13, 2022.

Summary of transation details

  • Property Type: Apartment
  • Transaction Amount: $19,000,000
  • Buyer: Peter Hungerford

Peter Hungerford acted as the buyer in this transaction. No additional information is available about the seller or any brokers involved in the deal. The property has a floor area ratio (FAR) of 3.50. The only known permit for the property is an alteration permit issued on June 19, 1998, with a permit type of Alteration 2.

Players

12 deals$503M volume
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Details

SOLD
IMAGE: 05/13/2022 ADDRESS: 418-424 West 56th Street MARKET: Clinton - Hell's Kitchen, Manhattan ASSET TYPE: Apartment ~ ZONING: R8 BUYER: Peter Hungerford PRICE: $19,000,000 BSF: 45,602 ~ PPBSF: $416 SF: 26,512 ~ PPSF: $716 FAR: 3.50 TAX CLASS: 2 LOT SIZE: 7,575 PERMITS: Alteration 2 (06/19/1998) LOT DIMENSION: 100.25 ft x 81.67 ft

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,013,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$67,502.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$90,069.69
Annual Debt Service$1,080,836.32