Meridian’s Helen Hwang Lists East Midtown Apartment Property
Meridian Capital Group’s Institutional Investment Sales Group, led by Helen Hwang, has been appointed to sell The Centra, a 164-unit apartment building at 230 E. 44th St. in East Midtown. It’s being offered subject to a ground lease with 93 years remaining and no FMV resets.
The opportunity comes with an attractive in-place financing package that can be assumed by a buyer. Based on the existing or market debt structure, stabilized cash-on-cash is projected at roughly 8.0% once the property’s rent roll returns to its pre-COVID norms.
“The Centra offers a top-notch location and an unmatched value proposition for renters,” said Hwang. “Not only will a buyer step into an outsized yield, but they will be able to offer a property well-designed to cater to furnished rental demand and well located to disproportionately benefit from the pending recovery.”
The property’s current owners spent more than $15 million on renovations.
- ◦Sale