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518 East 88th Street, Manha...

John P McCarthy And Steve Dluzyn Acquire Multifamily Property In Yorkville, Manhattan For $6.6M
SOLDMultiFamily

John P McCarthy And Steve Dluzyn Acquire Multifamily Property In Yorkville, Manhattan For $6.6M

518 East 88th Street, Manhattan, New York, NY, USA

$6,625,000

$741/SF

Building Size

8,935 SF

Asset Type

MultiFamily

Closing

Nov 8, 2021

AI

Located in the vibrant neighborhood of Yorkville, Manhattan, this multifamily property at 518 East 88 Street has recently changed hands in a closed transaction.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $6,625,000
  • Market: Yorkville, Manhattan
  • Zoning: R8B

The buyers, John P McCarthy and Steve Dluzyn, acquired the property from the seller, Lisa Cohn.

Comprising a building square footage (BSF) of 10,068, this property is priced at $658 per BSF. With a total square footage (SF) of 8,935, the price per SF stands at $741.

Boasting a Floor Area Ratio (FAR) of 3.55, this property falls under tax class 2.

With a lot size of 2,517, the last recorded sale of this property occurred on January 28, 2014, for $5,725,000. Additionally, an alteration permit was issued on September 21, 2017.

The property dimension measures 25 ft x 100.67 ft.

Players

John P. McCarthy

HUBB NYC

Broker

$702.1M

vol

14 deals

Broker
John P. McCarthy

John P. McCarthy

HUBB NYC

Buyer

$702.1M

vol

14 deals

Buyer

Lisa Cohn

Seller

$61.5M

vol

6 deals

Seller

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.39%

Cash-on-Cash

-0.68%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93