Martin Shapiro Acquires East Village Multi-Family For $85M
SOLD
$85,000,000
New York
See Similar DealsMultiFamily623,910 SF
Sold 10/15/2018
SOLD
Martin Shapiro Acquires East Village Multi-Family For $85M
62 Avenue B, New York, NY 10009, USA
See Similar DealsMultiFamily623,910 SF
Sold 10/15/2018
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$136
Total Square Footage:623,910 SF
Transaction Type:Sale
A multi-family property in East Village, located at 62 Avenue B, has been sold for $85,000,000. The property spans a total of 62,391 square feet, resulting in a price per square foot of $1,362.
Summary of transaction details
- Property Type: Multi Family
- Transaction Amount: $85,000,000
- Price Per Square Foot: $1,362
- Seller: Ben Shaoul, Magnum Real Estate Group
- Buyer: Martin Shapiro
- Brokers: Victoria Terri-Cote and Cristina Cote from Cote Luxury Real Estate
The buyer, Martin Shapiro, acquired the multi-family property from the seller, Ben Shaoul of Magnum Real Estate Group. The transaction was facilitated by Victoria Terri-Cote and Cristina Cote, representatives from Cote Luxury Real Estate.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,533,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$301,987.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$402,943.36
Annual Debt Service$4,835,320.38
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