Updated Dec 21, 2023
Mike Pitman Acquires Multifamily Property In Midtown West For $4.55M
446 West 55th Street, Manhattan, New York, NY, USA
$4,550,000
$496/SF
Building Size
9,162 SF
Asset Type
MultiFamily
Closing
May 27, 2020
About this deal
AI
The multifamily property located at 446 West 55th Street in Midtown West has been sold for a price of $4,550,000. The transaction took place on May 27, 2021. The property spans 9,162 square feet, resulting in a price per square foot of $496. It consists of 20 units, with an average price per unit of $227,500.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,550,000
- Address: 446 West 55th Street
- Market: Midtown West
- SF: 9,162
- PPSF: $496
- Units: 20
- PPU: $227,500
The buyer of the property was Mike Pitman, while the seller was Milton Merl. Andrew Berry and Charlie Gravina from Cushman & Wakefield represented the seller in the transaction.
On the Map
$4,550,000
$496/SF
MultiFamily
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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
3.49%
Cash-on-Cash
-1.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93