Updated Dec 21, 2023
Ariel Property Advisors Facilitates $5.25M Sale Of Multifamily Building In East Harlem
88 East 111th Street, New York City, New York 10029, United States
$5,250,000
$264/SF
Building Size
19,884 SF
Asset Type
MultiFamily
Closing
Feb 9, 2022
About this deal
AI
Located at 88 East 111th Street in East Harlem, Manhattan, this multifamily property recently sold for $5,250,000. The building consists of 30 units, with a price per unit of $175,000. The total square footage of the property is 19,884, resulting in a price per square foot of $264.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $5,250,000
- Units: 30
- Price Per Unit: $175,000
- Square Footage: 19,884
- Price Per Square Foot: $264
- Market: East Harlem, Manhattan
The sale of this property was facilitated by Victor Sozio, Mark Anderson, and Michael Tortorici from Ariel Property Advisors. In addition to the building sale, Ariel Property Advisors also arranged the sale of the cell antenna income in the form of a telecommunications easement to another buyer, maximizing the price for the seller.
On the Map
$5,250,000
$264/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.02%
Cash-on-Cash
-0.86%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93