Mann and Newell of Friedman-Roth Realty Services sell 405 West 45th St. for $8.5 million - 30 apartment units
Manhattan, NY Jim Mann and Wells Newell of Friedman-Roth Realty Services have brokered the sale of 405 West 45th St. in the Hell’s Kitchen area.
The building has 30 apartments with 20 free market and 10 rent stabilized units.
The deal closed on May 2nd, 2023 at a price of $8.5 million or $ 400 per s/f, with an approximate 6% cap rate and a gross rent multiple of 10. The seller purchased the property in 1998 and the purchaser is a longtime client of the brokers.