Rick Herman's Prana Investments Acquires Inwood Multifamily For $8.75M
SOLD
$8,750,000
+ 3
New York
See Similar DealsMultiFamily349,000 SF
Sold 05/30/2019
SOLD
Rick Herman's Prana Investments Acquires Inwood Multifamily For $8.75M
517 W 212th St, New York, NY 10034, USA
See Similar DealsMultiFamily349,000 SF
Sold 05/30/2019
+ 3
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$25
Total Square Footage:349,000 SF
Transaction Type:Sale
The multifamily property located at 517 West 212th Street in Inwood has been successfully sold in a closed transaction. The property spans a total of 34,900 square feet and was listed with an asking price of $10,495,000. The final sale price was reported at $8,750,000, resulting in a price per square foot of $250.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $8,750,000
- Address: 517 West 212th Street
- Market: Inwood
The sellers of the property were Frank & Peter Pecora of Teams Management, while the buyer was Rick Herman of Prana Investments. The transaction was facilitated by Marco Lala, Jack Lala, David Raciti, and Michelle Lala from an undisclosed agency.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$466,666.68
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,086.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$41,479.46
Annual Debt Service$497,753.57
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