TARGO Capital Partners Acquires Multifamily Property In West Village For $8.4M

Located at 661 Washington Street in the West Village, this multifamily property was recently sold in a closed transaction. The property spans across 10,235 square feet, with a price per square foot of $820. It consists of 13 units, resulting in a price per unit of $646,153. The sale price for this transaction was $8,400,000, significantly lower than the initial asking price of $12,500,000. With a cap rate of 2.4%, this property offers potential for attractive returns.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $8,400,000
• Market: West Village
• Square Footage: 10,235
• Price per Square Foot: $820
• Number of Units: 13
• Price per Unit: $646,153
• Note: 661 Washington St. was delivered 70% occupied.

TARGO Capital Partners was the buyer in this transaction, while the seller was 661 Washington Street Corp., represented by Andrew Galway. The deal was facilitated by broker Adelaide Polsinelli from ompass and Udi Eliasi from Compass Commercial New York.