Olnick Organization Acquires Property From Synapse Development Group For $19 Million
542 W 153rd St, New York, NY, 10031
$19,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 4, 2019
AI
The transaction involved the sale of Perch Harlem, a 34-unit apartment building located at 542 W 153rd St, New York, NY, in the Hamilton Heights neighborhood of Manhattan. The property was sold for $19,000,000.00, with a total square footage of 0, indicating that the transaction reflects full ownership of the building without specific square footage details mentioned.
Summary of transaction details:
- Property Type: Apartment Building
- Transaction Amount: $19,000,000.00
- Address: 542 W 153rd St, New York, NY 10031
- Market: New York
- Buyer: Olnick Organization
- Seller: Synapse Development Group
- Buyer's Representative: Justin Michael Natalizio (Marcus & Millichap), Christopher Warner (Marcus & Millichap)
- Seller's Representative: Eric Anton, Justin Natalizio, Christopher Warner (Marcus & Millichap)
The brokerage firm Marcus & Millichap facilitated the transaction, representing both the buyer and the seller in the deal. The seller was a joint venture between Taurus Investment Holding and Synapse Development Group. Key representatives from Marcus & Millichap included Eric Anton, Justin Natalizio, and Christopher Warner.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93