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New York City School Construction Authority Acquires Development Site At 1651 Zerega Avenue For $8.5M
SOLD
$8,500,000
New York
See Similar DealsDevelopment Site
Sold 09/04/2025
SOLD
New York City School Construction Authority Acquires Development Site At 1651 Zerega Avenue For $8.5M
1651 Zerega Avenue
See Similar DealsDevelopment Site
Sold 09/04/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$453,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04
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