Icon Realty Acquires 20-Unit Property On Hester Street, Lower East Side For $6.4M
SOLD
$6,400,000
New York
See Similar DealsMultiFamily14,898 SF
Sold 04/08/2020
SOLD
Icon Realty Acquires 20-Unit Property On Hester Street, Lower East Side For $6.4M
61 Hester St, New York, NY 10002, USA
See Similar DealsMultiFamily14,898 SF
Sold 04/08/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$429
Total Square Footage:14,898 SF
Transaction Type:Sale
The property asset located at 61 Hester Street in the Lower East Side is characterized by a total price of $6,400,000. It comprises 14,898 square feet and includes 20 residential units, with a price per square foot of $429.
Summary of transaction details:
- Property Type: Asset
- Transaction Amount: $6,400,000
- Square Footage: 14,898
- Price per Square Foot: $429
- Units: 20
- Buyer: @IconRealty
- Seller: The Goldman Family
- Date: 04/08/2020
Terrence Lowenberg and Todd Cohen were involved in the transaction, representing the buyer in the deal, which highlights their role in facilitating the acquisition process.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$341,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$22,737.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,339.27
Annual Debt Service$364,071.18
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