Updated Oct 28, 2024
Prana Investments Acquires Multifamily Property In Washington Heights For $7.8M
555 West 173rd Street, New York City, New York 10032, United States
$7,775,000
$172/SF
Building Size
45,000 SF
Asset Type
MultiFamily
Closing
Mar 15, 2022
About this deal
AI
The multifamily property located at 555 W. 173rd St. in Washington Heights has been sold for a price of $7,775,000. The property consists of 54 units with an average price per unit of $143,981. The total square footage of the property is 45,000 with a price per square foot of $172.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,775,000
- Units: 54
- Price per Unit: $143,981
- Square Footage: 45,000
- Price per Square Foot: $172
- Market: Washington Heights
The buyer of the property is Prana Investments, represented by Richard Herman. The seller, on the other hand, is Miroztnick & Associates, with Michael Miroztnick as the representative. The deal was facilitated by CBRE, with Daniel Kaplan, Dean Rosenzweig, Justin Arzi, and Stefani Steinberg serving as brokers.
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
2.04%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93