Updated Jun 2, 2025
Andrea Gjini Secures $26.18M Construction Loan From North East Community Bank For Development Site In Bronx
19 East 198th Street
$26,185,500
$389/SF
Building Size
67,320 SF
Asset Type
Development Site
Closing
May 15, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 19 East 198th Street in the Bronx. This site encompasses a total square footage of 67,320 and is categorized as a development property.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $26,185,500
- Lender: North East Community Bank
- Landlord: Andrea Gjini
- Loan Type: Construction
The transaction involves significant stakeholders including North East Community Bank as the lender providing the construction loan, and Andrea Gjini, who acts as the landlord for the property. This deal reflects a strategic move in the development market within the Bronx area.
On the Map
$26,185,500
$389/SF
Development Site
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Players
Bronx 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
0.61%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93