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515 West 38th Street

Updated Oct 14, 2026

Amstar Group Acquires Multifamily Asset From Shorenstein Properties And Dreamscape Companies For $129M
SOLDMultiFamily

Amstar Group Acquires Multifamily Asset From Shorenstein Properties And Dreamscape Companies For $129M

515 West 38th Street

$129,000,000

$1,290/SF

Building Size

100,000 SF

Asset Type

MultiFamily

Closing

Feb 26, 2026

About this deal

AI

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:

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.

On the Map

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$129,000,000

$1,290/SF

MultiFamily

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Players

Rob Hinckley

JLL

Broker

$12.6B

vol

84 deals

Broker
Amstar Group
Amstar GroupBuyer
Dreamscape Companies
Dreamscape CompaniesSeller
Bilt advertisement

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $1.3K per square foot on a published $129M for 100,000 square feet (2026).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.12%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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