Updated Oct 29, 2024
Artifact Acquires Multifamily Building In Harlem For $13.6M
492 St Nicholas Ave New York, Ny 10030, Usa
$13,550,000
$753/SF
Building Size
17,981 SF
Asset Type
MultiFamily
Closing
May 18, 2023
About this deal
AI
Artifact, a property buyer, has acquired a residential elevator building located at 492 St Nicholas Avenue in Harlem, Manhattan. The property was purchased for $13.6 million from Rafael Santandreu's BOC St. Nicholas LLC. The building spans a total area of 17,981 square feet, resulting in a price per square foot of $754.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $13,550,000
- Address: 492 Saint Nicholas Avenue
- Market: Harlem, Manhattan
Artifact's acquisition of the elevator building from Rafael Santandreu's BOC St. Nicholas LLC marks a significant deal in the Harlem, Manhattan market. This transaction highlights the strategic investment made by the buyer in the multifamily property sector. With this purchase, Artifact expands its real estate portfolio in the vibrant neighborhood of Harlem.
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
1.17%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93