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152 West 36th Street

Flatiron Equities & Mequity Companies Convert Midtown South Asset To Self-Storage For $17.27M
FINANCEDSelf Storage

Flatiron Equities & Mequity Companies Convert Midtown South Asset To Self-Storage For $17.27M

152 West 36th Street

$17,270,000

$230/SF

Building Size

75,082 SF

Asset Type

Self Storage

Closing

Sep 10, 2024

AI

The property asset involved in the transaction is located at 152 West 36th Street in Midtown South. It encompasses a conversion to self-storage with a total square footage of 75,082 and consists of 1,469 units. The equity amount involved in the transaction is $17,270,000. The equity type is classified as Limited Partner, specifically from a Family Office.

Summary of transaction details:

  • Property Type: Conversion to Self-Storage
  • Transaction Amount: $17,270,000
  • Square Footage: 75,082
  • Units: 1,469
  • Address: 152 West 36th Street
  • Market: Midtown South
  • Landlord: Flatiron Equities & Mequity Companies
  • Brokers: Dylan Kane, Zach Redding & Peter Nicoletti - Colliers

The deal involves key individuals including the brokers Dylan Kane, Zach Redding, and Peter Nicoletti, all representing Colliers in this transaction. The landlords, Flatiron Equities and Mequity Companies, play a significant role in the transaction as asset owners.

Players

Dylan Kane

Colliers

Broker

$2.9B

vol

58 deals

Broker
B6 Real Estate Advisors
B6 Real Estate AdvisorsBrokerage

New York Self Storage Market Snapshot

Boundary boundary · Self Storage · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.92%

Cash-on-Cash

-0.26%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93