Rick Herman's Prana Investments Acquires Inwood Multifamily Property For $6.1M
SOLD
$6,100,000
+ 2
New York
See Similar DealsMultiFamily22,650 SF
Sold 11/30/2020
SOLD
Rick Herman's Prana Investments Acquires Inwood Multifamily Property For $6.1M
682 Academy St, New York, NY 10034, USA
See Similar DealsMultiFamily22,650 SF
Sold 11/30/2020
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$269
Total Square Footage:22,650 SF
Transaction Type:Sale
The multifamily property located at 682 Academy Street in Inwood has been sold in a closed transaction. The property spans 22,650 square feet and was sold for a price of $6,100,000, resulting in a price per square foot of $269. The sale was facilitated by the brokers Robert M. Shapiro, Ian Brooks, and Lauren Hyland from Cushman & Wakefield.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,100,000
- Address: 682 Academy Street
- Market: Inwood
Prana Investments, represented by Rick Herman, purchased the property from Enterprise Asset Management, represented by Jason Pizer. The involvement of these individuals and companies in the transaction showcases the active role they played in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$325,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,672.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,917.11
Annual Debt Service$347,005.34
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