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

Property Image
SOLD
$15,000,000
Jonathan Hakimian
Jacob Harooni
Jorge Herrera

New York

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Development Site52,700 SF
Sold 01/23/2025
the dealplayerscompscontact
Property Image
SOLD

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

1545 Jerome Avenue & 1540 Inwood Avenue

See Similar Deals
Development Site52,700 SF
Sold 01/23/2025
Jonathan Hakimian
Jacob Harooni
Jorge Herrera
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$284
Total Square Footage:52,700 SF
Transaction Type:Sale

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:

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.

Players

Jacob Harooni
SP Capital Group
Jacob Harooni
10 deals$52.1M volume(212) 343-3042
BROKER
Jonathan Hakimian
Jonathan Hakimian
8 deals$45.3M volume
BROKER
Jorge Herrera
Jorge Herrera
1 deal$15M volume
BROKER

Details

SOLD
IMAGE: Jacob Harooni, Jonathan Hakimian & Jorge Herrera DATE: 01/23/2025 ADDRESS: 1545 Jerome Avenue & 1540 Inwood Avenue MARKET: Bronx ASSET TYPE: Development Site BUYER: Joy Construction SELLER: John McKenna BROKERS: Jacob Harooni (@JacobHarooni) & Jonathan Hakimian (@HakimianJon) - SP Capital Group (@SPCapitalGroup); Jorge Herrera - JRH Management SALE PRICE: $15,000,000 BSF: 160,000 ~ PPBSF: $94 NOTE FROM BROKER: This development site is slated to contain 213 units that will span about 160,000 sqft which will include community and retail space as well. Jacob Harooni, Jonathan Hakimian and Jorge Herrera were the brokers on the deal. Please feel free to reach out if you are looking to buy or sell. Jacob: (516) 423-1975 Jonathan: (516) 851-5844

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

$799,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83