Martin Shapiro Acquires East Village Multi-Family For $85M
62 Avenue B, New York, NY 10009, USA
$85,000,000
$136/SF
Building Size
623,910 SF
Asset Type
MultiFamily
Closing
Oct 14, 2018
AI
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.
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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93