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Owemanco Purchases Multifamily Asset At 51-57 West 8th Street For $8.8M With Meridian Capital Group

Property Image
SOLD
$8,500,000
Jonathan (Jon) Schwartz
David Schechtman
Abie Kassin

New York

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MultiFamily37,500 SF
Sold 03/07/2025
the dealplayerscompscontact
Property Image
SOLD

Owemanco Purchases Multifamily Asset At 51-57 West 8th Street For $8.8M With Meridian Capital Group

51 West 8th Street & 57 West 8th Street

See Similar Deals
MultiFamily37,500 SF
Sold 03/07/2025
Jonathan (Jon) Schwartz
David Schechtman
Abie Kassin
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$226
Total Square Footage:37,500 SF
Transaction Type:Sale

The multifamily property located at 51-57 West 8th Street in Greenwich Village has been sold for $8,800,000. This asset consists of 34 units and encompasses a total square footage of 18,750, which results in a price per unit of $258,824 and a price per square foot of $469. The building has a reported cap rate of 8.05% and is noted to be 98% rented.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $8,800,000
  • Units: 34
  • Square Footage: 18,750
  • Price Per Unit: $258,824
  • Price Per Square Foot: $469
  • Cap Rate: 8.05%

Owemanco is the buyer of the property, while the brokers involved in the transaction are Jonathan Schwartz, David Schechtman, and Abie Kassin from Meridian Capital Group. Contact Jonathan Schwartz for inquiries regarding how Meridian can add value to your listings.

Players

Abie Kassin
Meridian Capital Group
Abie Kassin
52 deals$1.6B volume(212) 468-5909
BROKER
David Schechtman
Meridian Capital Group
David Schechtman
68 deals$1.8B volume
BROKER
Jonathan (Jon) Schwartz
Meridian Capital Group
Jonathan Schwartz
12 deals$108M volume
BROKER
Owemanco
Owemanco
BUYER

Details

SOLD
IMAGE: Adam Tobe, Sohail Zayona, Jonathan Schwartz & David Schechtman DATE: 03/07/2025 ADDRESS: 51-57 West 8th Street MARKET: Greenwich Village ASSET TYPE: Multifamily BUYER: Owemanco (@Owemanco) BROKER: Jonathan Schwartz, David Schechtman & Abie Kassin - Meridian Capital Group (@Meridian.Capital.Group) SALE PRICE: $8,800,000 UNITS: 34 ~ PPU: $258,824 SF: 18,750 ~ PPSF: $469 NOTE FROM BROKER: 98% RS Building Cap rate: 8.05% To see how Meridian can add value for your listings, contact Jonathan Schwartz Jonathan Schwartz Director Meridian Investment Sales Office: 212.468.5981 | Cell: 917.913.1544 1 Battery Park Plaza, 26th Floor New York, NY 10004

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$453,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04