Updated Dec 21, 2023
Kim Tasher Acquires 2306 Webster Avenue Ground Lease In Bronx For $45M
2306 Webster Avenue, Bronx, NY 10458
Building Size
12,126 SF
Asset Type
Development Site
Closing
Feb 11, 2018
About this deal
AI
The Negron family has entered into a 99-year ground lease with Kim Tasher for a vacant lot located at 2306 Webster Avenue in the Belmont section of the Bronx, New York. The ground lease was valued at $45 million.
Summary of transaction details:
- Property Type: Ground Lease
- Transaction Amount: $45 million
- Address: 2306 Webster Avenue, Bronx, NY
- Lessors: Negron family
- Lessee: Kim Tasher
- Broker: Michelle Abramov of Asset Commercial Realty Group
Kim Tasher, a Chelsea-based developer, plans to construct a mixed-use building on the 12,126-square-foot lot. The building will consist of 71 residential units and 9,000 square feet of retail space. The development project aims to revitalize the area and provide essential amenities to the Bronx community.
Players
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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