Lockhill Properties Acquires Multifamily Property In Manhattan For $5.65M
SOLD
$5,650,000
New York
See Similar DealsMultiFamily7,410 SF
Sold 04/01/2022
SOLD
Lockhill Properties Acquires Multifamily Property In Manhattan For $5.65M
627 East 6th Street, New York City, New York 10009, United States
See Similar DealsMultiFamily7,410 SF
Sold 04/01/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$762
Total Square Footage:7,410 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$301,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$20,073.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,783.88
Annual Debt Service$321,406.59
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