Updated Oct 29, 2024
Witkoff Group Acquires Multifamily Property In Upper West Side For $50M
65 W 96th St, New York, NY 10025, USA
$93,830,000
$298/SF
Building Size
314,041 SF
Asset Type
MultiFamily
Closing
Apr 12, 2020
About this deal
AI
The Witkoff Group has acquired a multifamily property located at 721 Columbus Avenue in the Upper West Side of Manhattan. The property, owned by the General Electric Pension Fund, was sold for a price of $50,000,000. This transaction marks a significant investment in the Upper West Side market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $50,000,000
- Units: 246
- Price per Unit: $203,252
- Square Footage: 308,302
- Price per Square Foot: $162
- Date: 12/09/2022
- Market: Upper West Side
The buyer, the Witkoff Group, made this significant acquisition through this transaction. The multifamily property consists of 246 units with an average price per unit of $203,252. The total square footage of the property is approximately 308,302 square feet. This investment demonstrates the Witkoff Group's confidence in the Upper West Side 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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93