Irwin Levy Sells Multifamily Property On Upper West Side For $17M With Broker Team From Marcus & Millichap
SOLD
$17,000,000
+ 3
New York
See Similar DealsMultiFamily48,555 SF
Sold 06/18/2021
SOLD
Irwin Levy Sells Multifamily Property On Upper West Side For $17M With Broker Team From Marcus & Millichap
66 West 88th Street, Manhattan, New York, NY, USA
See Similar DealsMultiFamily48,555 SF
Sold 06/18/2021
+ 3
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$350
Total Square Footage:48,555 SF
Transaction Type:Sale
A multifamily property located at 66 West 88th Street in the Upper West Side of Manhattan has been sold for a total price of $17,000,000. The property consists of 48 units, with an average price per unit of $354,167. The total square footage of the property is 48,555, resulting in a price per square foot of $350. The sale took place on June 18, 2021.
Summary of Transaction Details:
- Property Type: Multifamily
- Transaction Amount: $17,000,000
- Address: 66 West 88th Street
- Market: Upper West Side
The seller of the property was Irwin Levy. The transaction was facilitated by brokers Peter Von Der Ahe, Joe Koicim, Seth Glasser, Danny Handweiler, and Haley Hasho from New York Multifamily and Marcus & Millichap. They represented the seller, ensuring a successful deal for all parties involved.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$906,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$60,397.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$80,588.67
Annual Debt Service$967,064.08
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