AB & Sons Acquires 50% Interest In Multifamily Properties In Hell's Kitchen & Morningside Heights For $200M
SOLD
$200,000,000
New York
See Similar DealsMultiFamily
Sold 07/01/2020
SOLD
AB & Sons Acquires 50% Interest In Multifamily Properties In Hell's Kitchen & Morningside Heights For $200M
Hell's Kitchen, Manhattan
See Similar DealsMultiFamily
Sold 07/01/2020
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Sale
Eli Chetrit and Isaac Chetrit have recently closed an interest sale transaction in Hell's Kitchen and Morningside Heights, involving a multifamily property consisting of approximately 950 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $200,000,000 (approx.)
- Buyer: AB & Sons - Isaac & Eli Chetrit
- Seller: Black Spruce Management - Josh Gotlib & Oliver Legg
The transaction involved the sale of a 50% interest in the property. AB & Sons, represented by Isaac and Eli Chetrit, acquired the interest from the seller, Black Spruce Management, represented by Josh Gotlib and Oliver Legg.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$10,666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$710,557.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$948,102.04
Annual Debt Service$11,377,224.42
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