An unidentified buyer has paid $16.2 million for a leasehold position in a 14-story residential/commercial building in Manhattan, N.Y.

The property comprises 164 multifamily units and four commercial units.

Located at 230 East 44th St., the 135,315-square foot building is situated on a 130-foot-by-100-foot lot between Second and Third avenues. The building was sold at under seven times the gross rent roll, however; the leasehold payments are set to recalculate to an undetermined amount within 10 years, making the income projections on the property difficult.

Included in the purchase is a 100-plus-space parking garage.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're here to help. Free 90-day trial for new subscribers.Click Here×