Updated Sep 5, 2025
New York City School Construction Authority Acquires Development Site At 1651 Zerega Avenue For $8.5M
1651 Zerega Avenue
$8,500,000
Building Size
—
Asset Type
Development Site
Closing
Sep 4, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 1651 Zerega Avenue within the Westchester Square market. The site was acquired for a total amount of $8,500,000, following its sale by the Apostles of the Sacred Heart of Jesus.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $8,500,000
- Buyer: New York City School Construction Authority
- Seller: Apostles of the Sacred Heart of Jesus
- Date of Sale: 09/04/2025
This transaction saw the NYC School Construction Authority purchasing a former convent to facilitate the construction of a new school. The deal received approval from the state attorney general, ensuring its compliance with legal standards.
On the Map
$8,500,000
Development Site
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Players
Bronx Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93