Alma Realty Corp Acquires 88-Unit Multifamily Complex On West 188th St In Fort George, Manhattan For $10.7M
658 West 188th Street
$10,700,000
Building Size
—
Asset Type
MultiFamily
Closing
Sep 8, 2023
AI
An 88-unit multifamily apartment complex located at 658 W. 188th St. in Fort George, Manhattan, has been sold for $10.7 million. The property, represented by Alma Realty Corp., was purchased from seller Brian Ritter. The transaction marks a significant investment in the Fort George market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $10,700,000
- Address: 658 West 188th Street, Fort George, Manhattan
- Market: Fort George, Manhattan
- Buyer: Alma Realty Corp - George Valiotis
- Seller: Brian Ritter
Alma Realty Corp., represented by George Valiotis, closed the deal to acquire the 88-unit multifamily property at 658 West 188th Street in Fort George. The transaction, facilitated by Abraham Philip, represents a significant investment opportunity in the thriving Manhattan market.
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
1.48%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93