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SKF Development Acquires 99-Year Ground Lease On West Farms Development Site

Property Image
SOLD
$82,000,000
Isaac Shrem
Steven Westreich
KT

New York

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Development Site2,276 SF
Sold 12/11/2018
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Property Image
SOLD

SKF Development Acquires 99-Year Ground Lease On West Farms Development Site

1760 Boone Avenue, West Bronx, The Bronx, NY, USA

See Similar Deals
Development Site2,276 SF
Sold 12/11/2018
Isaac Shrem
Steven Westreich
KT
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$36,028
Total Square Footage:2,276 SF
Transaction Type:Sale

An $82 million 99-year ground lease was arranged by Westbridge Realty Group for a development site in West Farms, Bronx. The site, located at 1760 Boone Avenue, spans 68,000 square feet and has a total lease value of $82 million. The deal was closed on 12/11/2018.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $82,000,000
  • BSF: 68,000
  • Seller: Patrick Connolly
  • Buyer: SKF Development - Kim Tasher
  • Brokers: Steven Westreich & Isaac Shrem - Westbridge Realty Group

Steven Westreich and Isaac Shrem from Westbridge Realty Group were the brokers involved in facilitating the ground lease. They successfully closed over 50 deals in 2018 at Westbridge. No additional information is available about the transaction.

Players

Isaac Shrem
Westbridge Realty Group
Isaac Shrem
4 deals$85.8M volume
BROKER
Steven Westreich
Westbridge Realty Group
Steven Westreich
19 deals$118.1M volume
BROKER
KT
Kim Tasher
2 deals$84.9M volume
BUYER

Details

SOLD
IMAGE: YEAR GROUND LEASE IMAGE: Steven Westreich and Isaac Shrem DATE: 12/11/2018 ADDRESS: 1760 Boone Avenue MARKET: West Farms, Bronx ASSET TYPE: Development Site SALE PRICE: $82,000,000 BSF: 68,000 SELLER: Patrick Connolly BUYER: SKF Development - Kim Tasher BROKERS: Steven Westreich (@swestreich) & Isaac Shrem (@ikethakike) - Westbridge Realty Group NOTES: Westbridge Realty Group arranged a 99-year ground lease with a total lease value of $82MM. Over 50 deals closed in 2018 at Westbridge.

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

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$291,328.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$388,721.83
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