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Luxstone Partners Acquires Multifamily Asset In Hell's Kitchen From SPI Holdings For $13.8M

Property Image
SOLD
$13,800,000

New York

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MultiFamily19,372 SF
Sold 01/23/2025
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Property Image
SOLD

Luxstone Partners Acquires Multifamily Asset In Hell's Kitchen From SPI Holdings For $13.8M

640 644 10th Avenue

See Similar Deals
MultiFamily19,372 SF
Sold 01/23/2025
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$712
Total Square Footage:19,372 SF
Transaction Type:Sale

The property asset involved in the transaction is a multifamily building located at 640-644 10th Avenue in the Hell's Kitchen area of Manhattan. It was sold for a total amount of $13,800,000, comprising 27 units. The total square footage of the asset is 19,372, resulting in a price per unit of $511,111 and a price per square foot of $712.

Summary of transation details:

The transaction involved key individuals and entities including Luxstone Partners as the buyer and SPI Holdings as the seller. The brokers representing the transaction were Joseph Koicim, Logan Markley, and Chris Dintrone from Marcus & Millichap, fostering the deal that led to the successful sale of the multifamily asset.

Players

Logan Markley
70 deals$970.7M volume(212) 430-5194
BROKER

Joseph (Joe) Koicim
Marcus & Millichap
172 deals$2.7B volume(212) 430-5147
BROKER

Chris Dintrone
Marcus & Millichap
4 deals$139.7M volume(212) 430-5273
BROKER

Details

SOLD
IMAGE: Chris Dintrone, Joseph Koicim & Logan Markley DATE: 01/23/2025 ADDRESS: 640-644 10th Avenue MARKET: Hell's Kitchen, Manhattan ASSET TYPE: Multifamily BUYER: Luxstone Partners SELLER: SPI Holdings BROKERS: Joseph Koicim (@Joey1Cap), Logan Markley (@LogantMarkley) & Chris Dintrone (@Chris_Dintrone) - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $13,800,000 UNITS: 27 ~ PPU: $511,111 SF: 19,372 ~ PPSF: $712

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$736,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$49,028.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$65,419.04
Annual Debt Service$785,028.49