Joy Construction Purchases Development Site From John McKenna In Bronx For $15 Million

This development site located at 1545 Jerome Avenue & 1540 Inwood Avenue in the Bronx is transacted at a price of $15,000,000. The asset encompasses a total of approximately 160,000 square feet and is planned to feature 213 residential units along with community and retail spaces.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $15,000,000
• Building Square Footage (BSF): 160,000
• Price Per Building Square Foot (PPBSF): $94
• Buyer: Joy Construction
• Seller: John McKenna
• Brokers: Jacob Harooni & Jonathan Hakimian - SP Capital Group; Jorge Herrera - JRH Management

Jacob Harooni, Jonathan Hakimian, and Jorge Herrera played key roles in this transaction, representing the interests of the buyer and seller throughout the deal process. Their involvement highlights the collaboration among brokers in real estate transactions.