Amstar Group Acquires Multifamily Asset From Shorenstein Properties And Dreamscape Companies For $129M
SOLD
$129,000,000
+ 2
New York
See Similar DealsMultiFamily100,000 SF
Sold 02/27/2026
SOLD
Amstar Group Acquires Multifamily Asset From Shorenstein Properties And Dreamscape Companies For $129M
515 West 38th Street
See Similar DealsMultiFamily100,000 SF
Sold 02/27/2026
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,290
Total Square Footage:100,000 SF
Transaction Type:Sale
The asset involved in this transaction is a multifamily property located at 515 West 38th Street within the Hudson Yards market. The sale price for the property was $129,000,000, and it consists of 225 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $129,000,000
- Address: 515 West 38th Street
- Market: Hudson Yards
- Units: 225
- Buyer: Amstar Group
- Seller: Shorenstein Properties & Dreamscape Companies
- Brokers: Jeffrey Julien, Rob Hinckley, Steven Binswanger, Steven Rutman & Devon Warren - JLL
The transaction involved multiple key individuals from JLL, including Jeffrey Julien, Rob Hinckley, Steven Binswanger, Steven Rutman, and Devon Warren, all of whom represented the parties in this sale, facilitating the efforts between the buyer and the sellers.
Players
BUYER
SELLER
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,880,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$458,309.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$611,525.81
Annual Debt Service$7,338,309.75
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