Nak Mun Acquires Multifamily Property On West 35th Street For $16.5M
SOLD
$16,500,000
+ 1
New York
See Similar DealsMultiFamily30,264 SF
Sold 05/30/2024
SOLD
Nak Mun Acquires Multifamily Property On West 35th Street For $16.5M
51-55 West 35th Street
See Similar DealsMultiFamily30,264 SF
Sold 05/30/2024
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$545
Total Square Footage:30,264 SF
Transaction Type:Sale
The multifamily property located at 51-55 West 35th Street in Midtown South was sold for $16,500,000. Spanning 30,264 square feet, the property was acquired by Nak Mun from seller Diana Jong.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $16,500,000
- Market: Midtown South
- Price per Square Foot: $545
- Buyer: Nak Mun
- Seller: Diana Jong
- Brokers: Brandon Polakoff, Ryan McGuirl & Kyle Sabath - Avison Young; Stacy Gim - Compass
The deal was facilitated by the brokers Brandon Polakoff, Ryan McGuirl, Kyle Sabath from Avison Young, and Stacy Gim from Compass, who represented the buyer and the seller in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$880,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$58,621.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$78,218.42
Annual Debt Service$938,621.01
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