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Joyland Mgmt. Acquires 32 Apartments And 4 Retail Spaces In Morrisania For $5.75M

Property Image
SOLD
$5,750,000
Sasha Berg

New York

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Development Site29,054 SF
Sold 10/04/2019
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Property Image
SOLD

Joyland Mgmt. Acquires 32 Apartments And 4 Retail Spaces In Morrisania For $5.75M

1384 Boston Rd, The Bronx, NY 10456, USA

See Similar Deals
Development Site29,054 SF
Sold 10/04/2019
Sasha Berg
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$197
Total Square Footage:29,054 SF
Transaction Type:Sale

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

Sasha Berg
11 deals$69.3M volume
BROKER


Zachary Fuchs
GFI Realty Services
62 deals$322.8M volume
BROKER

Details

SOLD
IMAGE: Zachary Fuchs & Sasha Berg DATE: 10/04/2019 ADDRESS: 1384 Boston Road, 1390 Boston Road MARKET: Morrisania ASSET TYPE: Mixed-use SELLER: Alex Mehmetaj BUYER: Joyland Mgmt. SELLER’S REP: Sasha Berg and Zachary Fuchs BUYER’S REP: Sylvia Spielman NOTE: 32 Apartments and 4 Retail Spaces ASKING PRICE: $6,350,000 SALE PRICE: $5,750,000 SF: 29,054 PPSF: $197

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$306,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$20,428.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,257.93
Annual Debt Service$327,095.20