Updated Dec 4, 2024
Starwood Capital & AB Capstone Acquire Development Site In Bronx For $51M
425 Westchester Ave, The Bronx, NY 10455, USA
$51,000,000
$3,506/SF
Building Size
14,546 SF
Asset Type
Development Site
Closing
Apr 1, 2020
About this deal
AI
425 Westchester Avenue, a development site in the Bronx, has been involved in a closed transaction. The property is owned by Starwood Capital and AB Capstone, with Barry Sternlicht, Dustin Stolly, Nick Scribani, Jordan Roeschlaub, Chris Kramer, and Meir Babaev as key people involved in the deal. The property was financed by a loan amount of $51,000,000 from Centennial Bank. The brokers representing the deal were Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, and Drew Ahlers from Newmark Knight Frank.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $51,000,000
- Address: 425 Westchester Avenue
- Market: Bronx
Barry Sternlicht, Dustin Stolly, Nick Scribani, Jordan Roeschlaub, Chris Kramer, and Meir Babaev were key individuals involved in the deal. In addition, Starwood Capital and AB Capstone served as the property's landlords, while Centennial Bank provided the loan for the transaction. The brokers representing the deal were Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, and Drew Ahlers from Newmark Knight Frank.
Players
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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