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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).