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Ares Management Acquires 75% Stake In 525 West 52nd Street Multifamily For $270 Million
SOLD
$270,000,000
New York
See Similar DealsMultiFamily
Sold 11/05/2024
SOLD
Ares Management Acquires 75% Stake In 525 West 52nd Street Multifamily For $270 Million
525 West 52nd Street
See Similar DealsMultiFamily
Sold 11/05/2024
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Sale
The asset involved in this transaction is a multifamily apartment building located at 525 West 52nd Street in the Hell's Kitchen market. The property has a total of 392 units, and it is being transacted for a valuation of $270 million, which translates to a price per unit of approximately $688,776.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $270,000,000
- Buyer: Michael Arougheti - Ares Management
- Seller: Mitsui Fudosan
- Brokers: Adam Doneger & Adam Spies - Newmark
- Units: 392
- PPU: $688,776
Michael Arougheti of Ares Management is set to acquire a 75% stake in the apartment building from the seller, Mitsui Fudosan. The brokerage team representing the transaction includes Adam Doneger and Adam Spies from Newmark.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$14,400,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$959,252.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,279,937.75
Annual Debt Service$15,359,252.97
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