John Illibassi Acquires Multifamily Property On East 7th Street In East Village For $7M
SOLD
$7,000,000
New York
See Similar DealsMultiFamily9,390 SF
Sold 10/19/2023
SOLD
John Illibassi Acquires Multifamily Property On East 7th Street In East Village For $7M
81 East 7th Street
See Similar DealsMultiFamily9,390 SF
Sold 10/19/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$745
Total Square Footage:9,390 SF
Transaction Type:Sale
The multifamily property located at 81 East 7th Street in the East Village of Manhattan has been sold in a recent transaction. The sale was facilitated by Cassandra Frank from Highline Residential. The property spans 9,390 square feet and is comprised of 7 units. The sale price for this transaction was $7,000,000, resulting in a price per square foot of $745 and a price per unit of $1,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,000,000
- Market: East Village, Manhattan
- Square Footage: 9,390
- Units: 7
John Illibassi was the buyer in this transaction, while Bruce Gomez acted as the seller. Cassandra Frank from Highline Residential represented both parties as the broker. This sale represents a significant investment opportunity in the East Village multifamily market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$373,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$24,869.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,183.57
Annual Debt Service$398,202.85
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