Leslie Feder Acquires Richmond Hill Multifamily Property From Koenig Family For $2.6M
87-87 116th Street
$2,600,000
$141/SF
Building Size
18,400 SF
Asset Type
MultiFamily
Closing
Apr 29, 2026
AI
A 24-unit multifamily property located at 87-87 116th Street in Richmond Hill was sold for $2,600,000, equating to $141 per square foot. The total square footage of the property is 18,400, and it was delivered 100% vacant at closing after 48 years of ownership by the seller.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,600,000
- Address: 87-87 116th Street
- Market: Richmond Hill
- Square Footage: 18,400
- Price per Square Foot: $141
- Buyer: Leslie Feder
- Seller: Koenig Family
- Brokerage: Marcus & Millichap
- Broker Representatives: Shaun Riney, Sean Fopeano & David Cornejo
The NYM Group at Marcus & Millichap exclusively handled the sale of this property, and the deal team can be contacted to discuss current inventory or potential sales of assets.
Players
Richmond Hill 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
6.10%
Cash-on-Cash
-1.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93