NVE Bank Provides $6.1M Construction Loan To Maheen Farrukh & Syed Farrukh For Development Site In Parchester, Bronx
2422 Lyvere Street, The Bronx, New York 10461, United States
$6,100,000
$254/SF
Building Size
24,000 SF
Asset Type
Development Site
Closing
Oct 24, 2022
AI
A development site located at 2422 Lyvere Street in the Parchester neighborhood of Bronx was recently involved in a closed property transaction. The property has a building size factor (BSF) of 24,000 and is designated as a development site.
Summary of transaction details
- Property Type: Development Site
- Address: 2422 Lyvere Street
- Market: Parchester, Bronx
- BSF: 24,000
In this transaction, Maheen Farrukh and Syed Farrukh served as the landlords of the property. The loan for the transaction was provided by NVE Bank, with a total amount of $6,100,000. The loan type was construction, and the terms of the loan included a 24-month duration with interest-only payments.
Broker Michael Volpe from Highcap Group represented the parties involved in this transaction.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.60%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93