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.
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