Gilbane Development Acquires Affordable Housing Site In Unionport, Bronx For $11.67M
SOLD
$11,671,489
+ 2
New York
See Similar DealsDevelopment Site
Sold 05/10/2024
SOLD
Gilbane Development Acquires Affordable Housing Site In Unionport, Bronx For $11.67M
1931 Lafayette Avenue
See Similar DealsDevelopment Site
Sold 05/10/2024
+ 2
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
The asset involved in the transaction is an Affordable Housing Development Site located at 1931 Lafayette Avenue in Unionport, Bronx. The property was sold for $11,671,489 and spans a total of 32,131 square feet.
Summary of transaction details:
- Property Type: Affordable Housing Development Site
- Transaction Amount: $11,671,489
- Buyer: Gilbane Development
- Seller: Asland Capital Partners & Pembroke
- Brokers: Victor Sozio, Shimon Shkury, Jason M. Gold & Daniel Mahfar - Ariel Property Advisors
The deal involved key individuals and companies such as Gilbane Development as the buyer and Asland Capital Partners along with Pembroke as the sellers. The transaction was facilitated by brokers Victor Sozio, Shimon Shkury, Jason M. Gold, and Daniel Mahfar from Ariel Property Advisors.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$622,479.41
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$41,466.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$55,328.81
Annual Debt Service$663,945.75
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