Updated Oct 28, 2024
Gaia Real Estate Acquires Multifamily Property In Bowery For $49.5M
58 East 3rd Street, Manhattan, New York, NY, USA
$49,500,000
$942/SF
Building Size
52,500 SF
Asset Type
MultiFamily
Closing
Aug 26, 2021
About this deal
AI
The multifamily property located at 50-58 East 3rd Street in Bowery has been sold for a sale price of $49,500,000. The property spans across 52,500 square feet, resulting in a price per square foot of $942. The transaction took place on August 26, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $49,500,000
- Address: 50-58 East 3rd Street
- Market: Bowery
- Buyer: Gaia Real Estate - Danny Fishman & David Kusy
- Seller: AnbauNYC
- Broker: Brandon Polakoff - Avison Young
- Square Footage: 52,500
- Price Per Square Foot: $942
The buyer of the property is Gaia Real Estate, represented by Danny Fishman and David Kusy. The seller of the property is AnbauNYC. The broker for this transaction is Brandon Polakoff from Avison Young.
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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93