Tishman Realty Acquires Multifamily Property In Hell's Kitchen For $87.37M
SOLD
$87,370,000
+ 2
New York
See Similar DealsMultiFamily20,010 SF
Sold 02/12/2021
SOLD
Tishman Realty Acquires Multifamily Property In Hell's Kitchen For $87.37M
505 West 43rd Street, Manhattan, New York, NY, USA
See Similar DealsMultiFamily20,010 SF
Sold 02/12/2021
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$4,366
Total Square Footage:20,010 SF
Transaction Type:Sale
Located at 505 West 43rd Street in Hell's Kitchen, the multifamily property was recently sold in a closed transaction. The sale took place on February 12, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $87,370,000
- Number of Units: 76
- Price Per Unit: $1,149,605
- Buyer: Tishman Realty - Daniel Tishman
- Seller: Elad Group - Yitzhak Tshuva
- Brokers: Dustin Stolly & Jordy Roeschlaub from Newmark, Yoav Oelsner & Glenn Tolchin from Upland Property Advisors
The buyer, Daniel Tishman, represented Tishman Realty in the transaction. Tishman Realty successfully negotiated the purchase of the property from Yitzhak Tshuva, who was represented by Elad Group. The deal was facilitated by brokers Dustin Stolly and Jordy Roeschlaub from Newmark, as well as Yoav Oelsner and Glenn Tolchin from Upland Property Advisors.
Players
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,659,733.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$310,407.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$414,178.37
Annual Debt Service$4,970,140.49
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