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658 West 188th Street

Alma Realty Corp Acquires 88-Unit Multifamily Complex On West 188th St In Fort George, Manhattan For $10.7M
SOLDMultiFamily

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

AC
Alma Realty CorpBuyer

Brian Ritter

Sentinel Real Estate

Seller

$76.4M

vol

6 deals

Seller

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