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Charney Companies Acquires Student Housing From The Riverside Church For $38M

Property Image
SOLD
$38,000,000
Tyler Signora
Eric Roth
+ 1

New York

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Student Housing78,397 SF
Sold 03/19/2024
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Property Image
SOLD

Charney Companies Acquires Student Housing From The Riverside Church For $38M

99 Claremont Avenue

See Similar Deals
Student Housing78,397 SF
Sold 03/19/2024
Tyler Signora
Eric Roth
+ 1
Contact now

Summary

NEW YORK
Asset Type:Student Housing
Price Per Square Foot:$484
Total Square Footage:78,397 SF
Transaction Type:Sale

Located at 99 Claremont Avenue in Morningside Heights, the property involved in the transaction is student housing. The sale price for the asset was $38,000,000, with a total square footage of 78,397 and a price per square foot of $485.

Summary of transaction details:

The deal's key individuals and companies involved in the transaction were Tyler Signora, Daniel O'Brien, Eric Roth, and Frank Liantonio. The buyer, Charney Companies, acquired the student housing asset from the seller, The Riverside Church, with representation from brokers Daniel O'Brien, Eric Roth, Tyler Signora from Newmark, and Frank Liantonio from Cushman & Wakefield.

Players

Eric Roth
61 deals$1.5B volume(212) 655-0625
BROKER

Tyler Signora
Newmark
37 deals$852.2M volume(212) 372-0759
BROKER

Frank Liantonio
Cushman & Wakefield
7 deals$283.2M volume
BROKER

Daniel (Dan) O'Brien
Newmark
145 deals$4.6B volume(212) 698-5584
BROKER

Details

SOLD
IMAGE: Tyler Signora, Daniel O'Brien, Eric Roth & Frank Liantonio DATE: 03/19/2024 ADDRESS: 99 Claremont Avenue MARKET: Morningside Heights ASSET TYPE: Student Housing BUYER: Charney Companies SELLER: The Riverside Church BROKERS: Daniel O'Brien, Eric Roth (@EricMRoth) & Tyler Signora (@Tyler_Signora) - Newmark; Frank Liantonio - Cushman & Wakefield (@CushWake) SALE PRICE: $38,000,000 SF: 78,397 ~ PPSF: $485

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

$2,026,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$135,005.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$180,139.39
Annual Debt Service$2,161,672.64