SKF Development Acquires 99-Year Ground Lease On West Farms Development Site
1760 Boone Avenue, West Bronx, The Bronx, NY, USA
$82,000,000
$36,028/SF
Building Size
2,276 SF
Asset Type
Development Site
Closing
Dec 10, 2018
AI
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
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93