Updated Oct 28, 2024
Lockhill Properties Acquires Multifamily Property In Manhattan For $5.65M
627 East 6th Street, New York City, New York 10009, United States
$5,650,000
$762/SF
Building Size
7,410 SF
Asset Type
MultiFamily
Closing
Mar 31, 2022
About this deal
AI
Located at 627 E. 6th St. in Manhattan, this multifamily property was recently sold in a transaction led by Brandon Polakoff from Avison Young. The property was sold by Frank Pizzaia and Mariann Pizzaia to Lockhill Properties represented by Parke Leatherman. The sale price for this property was $5,650,000, with a total square footage of 7,410. This amounts to a price per square foot of $762.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,650,000
- Address: 627 E. 6th St., Manhattan
- Market: Manhattan
Brandon Polakoff, representing Avison Young, played a crucial role in the successful completion of this transaction. The buyer, Lockhill Properties, was represented by Parke Leatherman. With a sales price of $5,650,000, this deal marks a significant milestone in the Manhattan property market. The property offers a total square footage of 7,410, making it an attractive investment opportunity.
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
2.81%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93