Nak Mun Purchases Multifamily Property In Midtown South For $16.5M
SOLD
$16,500,000
New York
See Similar DealsMultiFamily30,264 SF
Sold 05/31/2024
SOLD
Nak Mun Purchases Multifamily Property In Midtown South For $16.5M
MultiFamily30,264 SF
Sold 05/31/2024
Summary
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. The property spans 30,264 square feet, resulting in a price per square foot of $545. The transaction involved the buyer Nak Mun and the seller Diana Jong. The property was represented by Stacy Gim from Compass and Brandon Polakoff from Avison Young.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $16,500,000
- Market: Midtown South
- Buyer: Nak Mun
- Seller: Diana Jong
- Brokers: Stacy Gim - Compass & Brandon Polakoff - Avison Young
Stacy Gim from Compass and Brandon Polakoff from Avison Young were the key individuals involved in facilitating the sale of the multifamily property at 51-55 West 35th Street. Nak Mun acted as the buyer, while Diana Jong served as 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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