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424 West 56th Street, New Y...

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

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

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

$19,000,000

$716/SF

Building Size

26,512 SF

Asset Type

MultiFamily

Closing

May 12, 2022

AI

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

Peter Hungerford

Buyer

$503M

vol

13 deals

Buyer

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

0.83%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93