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Standard Companies And Camber Property Group Acquire Multifamily Property In Midtown West For $40.3M

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SOLD
$40,300,000
Jeffrey Karp
Brandon Thomas
Scott Dweck
+ 3

New York

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MultiFamily66,000 SF
Sold 05/05/2021
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Property Image
SOLD

Standard Companies And Camber Property Group Acquire Multifamily Property In Midtown West For $40.3M

440 West 41st Street

See Similar Deals
MultiFamily66,000 SF
Sold 05/05/2021
Jeffrey Karp
Brandon Thomas
Scott Dweck
+ 3
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$610
Total Square Footage:66,000 SF
Transaction Type:Sale

The multifamily property located at 440 West 41st Street in Midtown West has been sold for a total price of $40,300,000. The property consists of 109 units, with a price per unit of $369,724. The total square footage of the property is 66,000, with a price per square foot of $610.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $40,300,000
  • Address: 440 West 41st Street
  • Market: Midtown West

The buyers in this transaction are Standard Companies represented by Scott Alter and Jeffrey Jaeger, as well as Camber Property Group represented by Rick Gropper. The seller is Stabilis Capital Management. The buyer's representatives are Jeffrey Karp, Scott Dweck, and Brandon Thomas from Latitude Property Group. The seller's representatives are Dan Kaplan, Elli Klapper, and Justin Arz from CBRE.

Players

Brandon Thomas
Latitude Property Group
Brandon Thomas
13 deals$165.7M volume(516) 680-5777
BROKER
Elli Klapper
CBRE
Elli Klapper
30 deals$439.5M volume(213) 613-3704
BROKER
Justin Arzi
CBRE
Justin Arzi
38 deals$1.2B volume(212) 984-7142
BROKER
Daniel (Dan) Kaplan
CBRE
Daniel Kaplan
55 deals$1.7B volume
BROKER
Scott Dweck
Latitude Property Group
Scott Dweck
16 deals$291.5M volume
BROKER
Jeffrey Karp
Latitude Property Group
Jeffrey Karp
10 deals$302.7M volume
BROKER
Stabilis Capital Management
Stabilis Capital Management
SELLER

Details

SOLD
IMAGE: Justin Arzi, Dan Kaplan, Elli Klapper, Scott Alter, Rick Gropper, Jeffrey Jaeger, Scott Dweck, Jeffrey Karp & Brandon Thomas DATE: 05/06/2021 ADDRESS: 440 West 41st Street MARKET: Midtown West ASSET TYPE: Multifamily BUYER: Standard Companies - Scott Alter & Jeffrey Jaeger, Camber Property Group - Rick Gropper SELLER: Stabilis Capital Management BUYER’S REP: Jeffrey Karp, Scott Dweck & Brandon Thomas - Latitude Property Group SELLER’S REP: Dan Kaplan, Elli Klapper & Justin Arz - CBRE SALE PRICE: $40,300,000 UNITS: 109 ~ PPU: $369,724 SF: 66,00 ~ PPSF: $610

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$143,177.40
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