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Laura Hines-Pierce Of Hines Acquires Multifamily Asset From Mahbod Nia Of Veris Residential For $63M
SOLD
$63,000,000
+ 1
New York
See Similar DealsMultiFamily
Sold 10/28/2025
SOLD
Laura Hines-Pierce Of Hines Acquires Multifamily Asset From Mahbod Nia Of Veris Residential For $63M
64 Midland Place
See Similar DealsMultiFamily
Sold 10/28/2025
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Sale
The property involved in the transaction is a multifamily asset located at 64 Midland Place in Tuckahoe. It comprises 108 units, with a price per unit of $583,333, culminating in a total sale price of $63,000,000.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $63,000,000
- Units: 108
- Price Per Unit: $583,333
- Buyer: Laura Hines-Pierce - Hines
- Seller: Mahbod Nia - Veris Residential
- Brokers: Jose Cruz & Steve Simonelli - JLL
The sale was brokered by JLL Capital Markets, which facilitated the transaction between the buyer, Hines, and the seller, Veris Residential. This deal reflects the ongoing activity within the multifamily market in Tuckahoe, NY.
Players
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BUYER
SELLER
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,360,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$223,825.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$298,652.14
Annual Debt Service$3,583,825.69
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