John Choi Acquires Multifamily Property In Midtown Manhattan From Sachs Companies For $36M
SOLD
$36,000,000
+ 1
New York
See Similar DealsMultiFamily112,000 SF
Sold 06/20/2024
SOLD
John Choi Acquires Multifamily Property In Midtown Manhattan From Sachs Companies For $36M
65 West 55th Street
See Similar DealsMultiFamily112,000 SF
Sold 06/20/2024
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$321
Total Square Footage:112,000 SF
Transaction Type:Sale
Located in Midtown Manhattan, the multifamily property at 65 West 55th Street has been sold for $36,000,000. The property spans 112,000 square feet, resulting in a price per square foot of $321.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $36,000,000
- Buyer: John Choi
- Seller: Sachs Companies
- Brokers: Aaron Jungreis, Alex Fuchs & Ben Khakshoor - Rosewood Realty Group; Sterling Heatley
- Address: 65 West 55th Street
- Market: Midtown Manhattan
The transaction at 65 West 55th Street was facilitated by a team consisting of brokers Aaron Jungreis, Alex Fuchs, Ben Khakshoor from Rosewood Realty Group, along with Sterling Heatley, representing the interests of the buyer and seller. John Choi acquired the property from the Sachs Companies in this notable deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,920,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$127,900.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$170,658.37
Annual Debt Service$2,047,900.40
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