Updated Feb 16, 2024
Drew Katz's Maddd Equities, Joy Construction & Sterling National Bank Secure $50.5M Loan For Bronx Development Site
1822 Bruckner Blvd, The Bronx, NY 10473, USA
$50,500,000
$30/SF
Building Size
1,640,000 SF
Asset Type
Development Site
Closing
May 28, 2020
About this deal
AI
18-22 Bruckner Blvd, located in the Bronx's Mott Haven neighborhood, was the subject of a recent closed property transaction. The development site, spanning a total of 164,000 square feet, was sold for a loan amount of $50,500,000. The deal involved the following key individuals and companies:
Summary of Transaction Details
- Property Type: Development site
- Transaction Amount: $50,500,000
- Lender: Sterling National Bank
- Landlord: Drew Katz, Maddd Equities - Jorge Madruga, Joy Construction - Eli Weiss
- Broker: Brad Domenico - @Progress.Capital
Brad Domenico, representing @Progress.Capital, facilitated the transaction as the broker. The lender, Sterling National Bank, provided the loan for the acquisition of the 18-22 Bruckner Blvd development site. The property's landlords are Drew Katz from Maddd Equities, Jorge Madruga from Joy Construction, and Eli Weiss. No additional information regarding the property or the deal was available.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93