Updated Oct 29, 2024
Broadway Housing Communities Sells Multifamily Properties In Harlem And Washington Heights For $6.85M
575 West 155th Street, Manhattan, New York, NY, USA
$6,850,000
$287/SF
Building Size
23,790 SF
Asset Type
MultiFamily
Closing
Sep 5, 2019
About this deal
AI
An occupied SRO building in Harlem and Washington Heights was recently sold for $6,850,000. The property, located at 575 W 155th Street & 530 W 178th Street, has a total square footage of 23,790. The sale price equates to approximately $287 per square foot. Mary Ann Villari of Broadway Housing Communities served as the seller, while Ismene Speliotis of MHANY Management acted as the buyer. The transaction took place on September 6, 2019.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $6,850,000
- Address: 575 W 155th Street & 530 W 178th Street
- Market: Harlem and Washington Heights
This sale was facilitated by David Lebenstein, Robert M. Shapiro, Ian Brooks, and Tyler Signora, who represented the seller. Both the buyer and the seller are not-for-profit 501(c)(3) organizations. It is worth noting that the transaction involved the sale of two occupied SRO buildings.
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
2.32%
Cash-on-Cash
-0.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93