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2306 Webster Avenue, Bronx,...

Updated Dec 21, 2023

LEASEDDevelopment Site

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

Michelle Abramov

Ripco

Broker

$64.9M

vol

27 deals

Broker

New York Development Site Market Snapshot

Boundary boundary · Development Site · Lease 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

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