11-15 West 123rd Street
This is a below-market-rate acquisition of a 23,946 SF multifamily building in West Harlem at $136/SF, a notable discount to estimated market comparables of approximately $155/SF, suggesting either rent-stabilized encumbrances, deferred maintenance, or a motivated seller disposition. The calculator-implied DSCR of 0.94x is a significant red flag for a leveraged acquisition, indicating the property does not cover debt service at conventional financing terms and would require either below-market debt, significant rent upside, or an all-cash structure to pencil. The sell-side representation by Stellar Management, one of NYC's more active multifamily operators, adds credibility to the transaction and suggests an arm's-length, market-informed disposition. Taichi Realty's limited public track record introduces sponsor risk, and the West Harlem submarket, while improving, carries rent-stabilization exposure and regulatory risk that could suppress near-term NOI growth. Overall, the deal presents a speculative value-add profile with execution risk concentrated on the buyer's ability to stabilize rents and manage costs in a challenging NYC regulatory environment.
Deal Stats
Parties
Seller / Landlord
Matthew Lembo & Ryan Jackson - Stellar Management ()
Stellar Management is a well-established NYC-based residential property management and investment firm with a significant portfolio of multifamily assets across Manhattan; Matthew Lembo and Ryan Jackson are active dealmakers with a combined volume exceeding $1B across multiple transactions, lending strong credibility to the sell-side.
Buyer / Tenant
Taichi Realty
Taichi Realty appears to be a smaller private real estate investor or operator active in NYC multifamily acquisitions, likely focused on value-add or buy-and-hold strategies in upper Manhattan submarkets. Limited public profile suggests a private family office or emerging operator with moderate transaction history.
Score Analysis
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Resolve outstanding violations or liens
Active violations significantly depress the score; clearing them has high impact.
Provide sponsor financial statements
Documented liquidity and net worth reduce lender risk perception.
Submit a detailed business plan
A clear repositioning or hold strategy demonstrates deal viability.
Identify institutional co-lenders or equity partners
Reputable co-investors signal deal quality to underwriters.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Multifamily Sale 11 West 123rd Street Daily limit: 7/10 Taichi Realty Acquires Multifamily Property At 11-15 West 123rd Street For $3.25M SOLD $3,250,000 ML RJ MultiFamily 23,946 SF Sold 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $135 Total Square Footage: Transaction Type: Taichi Realty has purchased a multifamily property located at 11-15 West 123rd Street in Manhattan for a total sale price of $3,250,000. The property spans a total square footage of 23,946, resulting in a per square foot price of approximately $136. Summary of transaction details: Property Type: MultiFamily Transaction Amount: $3,250,000 Buyer: Taichi Realty Seller: Matthew Lembo & Ryan Jackson - Stellar Management Address: 11-15 West 123rd Street Market: Manhattan Square Footage: 23,946 Price Per Square Foot: $136 Matthew Lembo and Ryan Jackson, representing Stellar Management, facilitated the sale of the property to Taichi Realty in this transaction. See More Players All Buyers | Sellers Matthew Lembo 4 deals $263.8M volume SELLER Ryan Jackson 3 deals $755.8M volume Details Deal Summary IMAGE: Matthew Lembo & Ryan Jackson DATE: 05/13/2026 ADDRESS: 11-15 West 123rd Street MARKET: Manhattan ASSET TYPE: MultiFamily BUYER: Taichi Realty SELLER: Matthew Lembo & Ryan Jackson - Stellar Management (@StellarManagement) SALE PRICE: $3,250,000 SF: 23,946 - PPSF: $136 NOTE: Taichi Realty has acquired a 23,946-square-foot multifamily property in Manhattan from Matthew Lembo and Ryan Jackson of Stellar Management for $3,250,000. The transaction for the asset, located at 11-15 West 123rd Street, breaks down to a price of approximately $136 per square foot. Email New York | @tradedny Contact Get in touch with the broker you want Select Brokers Matthew Lembo, Ryan Jackson Name Phone (optional) Message I'm an agent These are similar buyers of MultiFamily properties in this price ran Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Top Markets for Multifamily Investment Report Fall 2025 Download Report Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. NEW! Search No recent news available for this market No active listings available for this market Suggestions Analyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results. Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $173,333.33 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$11,546.57 Cash-on-Cash Return -1.27% Monthly Debt Service $15,406.66 Annual Debt Service $184,879.90 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. States National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming News Agents Agencies About About Us FAQ Testimonials Help Help Center Return Policy © 2026 Traded Media LLC . All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use