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Hospital For Special Surgery Acquires School In Lenox Hill For $28M

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SOLD
$28,000,000

New York

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Other14,149 SF
Sold 11/24/2020
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Property Image
SOLD

Hospital For Special Surgery Acquires School In Lenox Hill For $28M

510 East 74th Street, Manhattan, New York, NY, USA

See Similar Deals
Other14,149 SF
Sold 11/24/2020
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Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$1,978
Total Square Footage:14,149 SF
Transaction Type:Sale

The property involved in this transaction is a school located at 510 East 74 Street in the Lenox Hill market. The property has a total square footage of 14,149 and is zoned as M1-4. The sale took place on November 24, 2020, and the transaction price was $28,000,000 with a price per square foot of $1,980. The buyer of the property was the Hospital for Special Surgery, represented by Stacey Malakoff. The seller was Hedi H White.

Summary of transaction details:

  • Property Type: School
  • Transaction Amount: $28,000,000
  • Square Footage: 14,149
  • Price per Square Foot: $1,980
  • Address: 510 East 74 Street
  • Market: Lenox Hill
  • Zoning: M1-4
  • Buyer: Hospital for Special Surgery - Stacey Malakoff
  • Seller: Hedi H White

Stacey Malakoff, representing the Hospital for Special Surgery, played a key role as the buyer in this transaction. Hedi H White, on the other hand, acted as the seller. The transaction between these parties resulted in the sale of the school property at 510 East 74 Street, Lenox Hill market, for a price of $28,000,000.

Players

2 deals$70M volume
BUYER

2 deals$70M volume
SELLER

Details

SOLD
IMAGE: Stacey Malakoff DATE: 11/24/2020 ADDRESS: 510 East 74 Street MARKET: Lenox Hill ASSET TYPE: School ~ ZONING: M1-4 BUYER: Hospital for Special Surgery - Stacey Malakoff SELLER: Hedi H White PRICE: $28,000,000 SF: 14,149 ~ PPSF: $1,980

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

$1,493,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$99,478.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$132,734.28
Annual Debt Service$1,592,811.42