Updated Dec 4, 2024
Devin Yasada's Shinko Co. Ltd Acquires Multifamily Building In Hell's Kitchen For $16M
437 West 46th Street
$16,000,000
$1,703/SF
Building Size
9,390 SF
Asset Type
MultiFamily
Closing
Dec 19, 2023
About this deal
AI
Shinko Co. Ltd, through its entity Shinko Co., Ltd., acquired a 20-unit residential walkup building at 437 West 46th Street in Hell’s Kitchen, Manhattan, for $16 million. The property is a multifamily asset consisting of 20 units with a total square footage of 9,390. The purchase price per unit is $800,000, and the price per square foot is $1,704. The transaction took place on December 19, 2023.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,000,000
- Units: 20
- Price Per Unit: $800,000
- Square Footage: 9,390
- Price Per Square Foot: $1,704
- Market: Hell’s Kitchen, Manhattan
The buyer, Devin Yasada from Shinko Co. Ltd, represented by Shinko Co., Ltd., acquired the property from the seller, Relo Redac.
On the Map
$16,000,000
$1,703/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93