Chestnut Holdings Acquires 46-Unit Multifamily Building In Washington Heights For $3.4M
562 West 193rd Street
$3,425,000
$96/SF
Building Size
35,450 SF
Asset Type
MultiFamily
Closing
Oct 18, 2023
AI
Chestnut Holdings' 562 W 193 LLC has acquired a 46-unit residential walkup building in Washington Heights, Manhattan. The property is located at 562 West 193rd Street and was sold by Joseph Podolski's 81 Realty Co for a total price of $3,425,000. The sale took place on October 18, 2023. The building has a total square footage of 35,450, and the price per square foot is $97. Each unit in the building is valued at approximately $74,456.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,425,000
- Address: 562 West 193rd Street, Washington Heights, Manhattan
- Buyer: Ben Rieder - Chestnut Holdings
- Seller: Joseph Podolski
The buyer, Ben Rieder, representing Chestnut Holdings, successfully completed the acquisition. This purchase adds to Chestnut Holdings' investment portfolio in the Washington Heights area of Manhattan.
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
4.63%
Cash-on-Cash
-1.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93