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
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