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810 East 170th Street & 139...

Steven Westreich & Jamie Bacari Acquire Development Site In The Bronx For $6.5M
SOLD

Steven Westreich & Jamie Bacari Acquire Development Site In The Bronx For $6.5M

810 East 170th Street & 1395 Bristow Street

Building Size

Asset Type

Closing

Mar 1, 2023

AI

A development site located at 810 East 170th Street and 1395 Bristow Street in The Bronx has been sold in a recent transaction. The property was purchased by Steven Westreich and Jamie Bacari for a total price of $6,500,000. The site is a development opportunity with a building square footage of 35,000 and a price per square foot of $186. The transaction also includes a buildable square footage of 60,000, resulting in a price per buildable square foot of $108.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $6,500,000
  • Address: 810 East 170th Street & 1395 Bristow Street
  • Market: The Bronx

The sale was facilitated by Mitchel Flaherty and Paul Massey, representing B6 Real Estate Advisors. They served as the brokers for the transaction, assisting the buyers, Steven Westreich and Jamie Bacari, in acquiring the property from the Kuey Family.

Players

Steven Westreich

Buyer

$122.4M

vol

20 deals

Buyer

Market CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93