Joyland Mgmt. Acquires 32 Apartments And 4 Retail Spaces In Morrisania For $5.75M
1384 Boston Rd, The Bronx, NY 10456, USA
$5,750,000
$197/SF
Building Size
29,054 SF
Asset Type
Development Site
Closing
Oct 3, 2019
AI
A mixed-use property located at 1384 Boston Road and 1390 Boston Road in Morrisania has been sold for a total price of $5,750,000. The property spans a total area of 29,054 square feet and has a price per square foot of $197. The transaction involved the sale of 32 apartments and 4 retail spaces.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $5,750,000
- Address: 1384 Boston Road, 1390 Boston Road
- Market: Morrisania
- Seller: Alex Mehmetaj
- Buyer: Joyland Mgmt.
- Seller's Representative: Sasha Berg and Zachary Fuchs
- Buyer's Representative: Sylvia Spielman
The sale of this mixed-use property was facilitated by Sasha Berg and Zachary Fuchs from the seller's side and Sylvia Spielman from the buyer's side. The transaction involved the purchase of 32 apartments and 4 retail spaces. The seller, Alex Mehmetaj, and the buyer, Joyland Mgmt., successfully closed the deal at a price of $5,750,000.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.76%
Cash-on-Cash
-0.79%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93