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Glacier Equities Acquires 21 Rent Stabilized Units At 88 Lexington Avenue From CIM For $4.5M

Property Image
SOLD
$4,500,000
Richard (Rich) Velotta
Daniel (Danny) Handweiler

New York

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MultiFamily19,150 SF
Sold 03/05/2025
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Property Image
SOLD

Glacier Equities Acquires 21 Rent Stabilized Units At 88 Lexington Avenue From CIM For $4.5M

88 Lexington Avenue

See Similar Deals
MultiFamily19,150 SF
Sold 03/05/2025
Richard (Rich) Velotta
Daniel (Danny) Handweiler
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$235
Total Square Footage:19,150 SF
Transaction Type:Sale

The property involved in this transaction is a package of 21 rent stabilized sponsor condo units located at 88-90 Lexington Avenue in Manhattan, New York. The transaction was completed at a price of $4,500,000.00 and encompasses a total square footage of 19,150.0 square feet.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $4,500,000.00
  • Address: 88 Lexington Avenue
  • Market: New York
  • Buyer: Glacier Equities
  • Seller: CIM

Glacier Equities and CIM were the key parties involved in the transaction, with Glacier Equities acting as the buyer and CIM as the seller. The nature of the property as a multi-family asset within a rent-stabilized context is significant, given the specific type of units being transferred in this deal.

Players

Richard (Rich) Velotta
Raven Property Advisors
Richard Velotta
29 deals$402.4M volume
BROKER
Daniel (Danny) Handweiler
Raven Property Advisors
Daniel Handweiler
34 deals$327.6M volume(212) 430-5138
BROKER
GE
Glacier Equities
BUYER
CIM Group
CIM Group
SELLER

Details

SOLD
IMAGE: Richard Velotta & Daniel Handweiler DATE: 03/05/2025 ADDRESS: 88-90 Lexington Avenue MARKET: NoMad ASSET TYPE: Multifamily BUYER: Glacier Equities SELLER: CIM Group BROKERS: Richard Velotta (@TeamVelotta) & Daniel Handweiler - Raven Property Advisors (@RavenPropertyAdvisors) SALE PRICE: $4,500,000 SF: 19,150 ~ PPSF: $234 NOTE FROM BROKER: The subject property was a package of 21 rent stabilized sponsor condo units within 88-90 Lexington Avenue in Manhattan.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$240,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$15,987.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,332.30
Annual Debt Service$255,987.55