Manhattan, NY Alpha Realty brokered the sale of 310 East 89th St. The sale price was $4.5 million.
The five-story multifamily building consists of 20 apartments. Alpha Realty’s Lev Mavashev and Shai Egison represented all parties in the sale. The seller, a long-term owner, was in the process of liquidating his NYC assets and the buyer was a local investor looking to grow his holdings in the borough.
Originally priced at 4.5% cap rate, the deal ultimately traded at 5.1% cap rate, $540 per s/f, and 11x gross rent multiple. The 20-unit property fit the buyer’s criterion perfectly. The transaction yielded an 11.1 gross rent multiple.