Gaia Real Estate Acquires Multifamily Property In Bowery For $49.5M
SOLD
$49,500,000
New York
See Similar DealsMultiFamily52,500 SF
Sold 08/26/2021
SOLD
Gaia Real Estate Acquires Multifamily Property In Bowery For $49.5M
58 East 3rd Street, Manhattan, New York, NY, USA
See Similar DealsMultiFamily52,500 SF
Sold 08/26/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$942
Total Square Footage:52,500 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,640,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$175,863.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$234,655.25
Annual Debt Service$2,815,863.04
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