Empire Grand Acquires Multifamily Property In Kips Bay For $8M
SOLD
$8,000,000
+ 1
New York
See Similar DealsMultiFamily7,900 SF
Sold 05/02/2019
SOLD
Empire Grand Acquires Multifamily Property In Kips Bay For $8M
519 2nd Avenue, Manhattan, New York, NY, USA
See Similar DealsMultiFamily7,900 SF
Sold 05/02/2019
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,012
Total Square Footage:7,900 SF
Transaction Type:Sale
An $8 million multifamily property in Kips Bay has been sold at 519 Second Ave, located near Paddy Reilly's Music Bar. The property spans 7,900 square feet and was sold by 519 LLC, represented by Adam Parkoff and Adam Siff. The buyer, Empire Grand, was represented by Eddie Weinberg. The sale was facilitated by brokers Lipa Lieberman, David Schechtman, and Abie Kassin from Meridian Capital Group.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Address: 519 Second Ave
- Market: Kips Bay
The sale price of the property was $8 million, resulting in a price per square foot of $1,012. The property generates a gross income of $498,000.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$426,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,422.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,924.08
Annual Debt Service$455,088.98
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