Prana Investments Acquires Multifamily Property In Washington Heights For $7.8M
SOLD
$7,775,000
+ 2
New York
See Similar DealsMultiFamily45,000 SF
Sold 03/16/2022
SOLD
Prana Investments Acquires Multifamily Property In Washington Heights For $7.8M
555 West 173rd Street, New York City, New York 10032, United States
See Similar DealsMultiFamily45,000 SF
Sold 03/16/2022
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$172
Total Square Footage:45,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$414,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$27,622.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,857.47
Annual Debt Service$442,289.60
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