Apartment building nets $11m at auction.Sheldon
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The property, auctioned April 6 and which closed on May 24, sold for $11,024,000, a multiple of 14.7 times the annual rent and at a cap rate of 4.5% The sale was announced by Lawrence B. Samberg, executive managing director, Sheldon Good & Company Auctions, NorthEast LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Built in 1921 at the corner of W. 161st Street, the six-story, 92,000 s/f concrete and brick apartment building has 71 residential units and commercial and retail space on the ground floor, and Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. views. The apartments were 100% leased; the auction was promoted as an outstanding opportunity for investors or entrepreneurs to name their price on a premium income-producing property. The property was offered with an opening bid of $5 million. The property previously had never been offered conventionally. The seller was a private partnership. The building had a gross operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $747,709. There are nine studios, 15, one-bedrooms; 18, two-bedrooms; 18, three bedrooms and 10, four-bedroom units. |
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