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Atlantis Management Group Acquires Retail/Development Property In Bronx For $4.9M

Property Image
SOLD
$4,900,000
Josh Neustadter
Jonathan Squires
PS

New York

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Co-Op9,120 SF
Sold 02/07/2022
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Property Image
SOLD

Atlantis Management Group Acquires Retail/Development Property In Bronx For $4.9M

2360-2370 Jerome Avenue, The Bronx, New York 10468, United States

See Similar Deals
Co-Op9,120 SF
Sold 02/07/2022
Josh Neustadter
Jonathan Squires
PS
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Co-Op
Price Per Square Foot:$537
Total Square Footage:9,120 SF
Transaction Type:Sale

The property involved in this transaction is located at 2360-2370 Jerome Avenue in the Bronx. It is classified as a Retail/Development property and is part of the Jerome Avenue Rezoning project. The transaction took place on February 7, 2022.

Summary of transaction details:

  • Property Type: Retail/Development (Jerome Avenue Rezoning)
  • Transaction Amount: $4,900,000
  • Address: 2360-2370 Jerome Avenue, Bronx
  • Market: Bronx
  • Square Footage: 9,120 SF
  • Price Per Square Foot: $537
  • Building Square Footage: 42,000 BSF
  • Price Per Building Square Foot: $117
  • Capitalization Rate: 4.39%

The buyer in this transaction was Atlantis Management Group, while the seller was Paul Sohayegh. The deal was facilitated by Jonathan Squires and Josh Neustadter from Cushman & Wakefield.

Players

Josh Neustadter
Cushman & Wakefield
Josh Neustadter
60 deals$545.5M volume(212) 660-7739
BROKER
Jonathan Squires
Cushman & Wakefield
Jonathan Squires
93 deals$712.3M volume(917) 445-0022
BROKER
AG
Atlantis Management Group
BUYER
PS
Paul Sohayegh
3 deals$7.6M volume
SELLER

Details

SOLD
IMAGE: Jonathan Squires & Josh Neustadter DATE: 02/07/2022 ADDRESS: 2360-2370 Jerome Avenue MARKET: Bronx ASSET TYPE: Retail/Development (Jerome Avenue Rezoning) BUYER: Atlantis Management Group SELLER: Paul Sohayegh BROKERS: Jonathan Squires & Josh Neustadter - Cushman & Wakefield SALE PRICE: $4,900,000 SF: 9,120 ~ PPSF: $537 BSF: 42,000 ~ PPBSF: $117 CAP RATE: 4.39%

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$261,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$17,408.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,228.50
Annual Debt Service$278,742.00