Updated Oct 29, 2024
Joel Wieder Acquires Development Site In Fordham Heights For $5.7M From Spaxel
2047 Ryer Avenue
$5,700,000
$80/SF
Building Size
70,710 SF
Asset Type
Development Site
Closing
Jul 24, 2023
About this deal
AI
A development site located at 2047 Ryer Avenue in Fordham Heights, Bronx, was sold for a price of $5.7 million. The buyer, Joel Wieder, operating through GW Ryer LLC, acquired the property from the seller, Spaxel - Albert Gurakuq Gjonbalaj. The sale of this development site is noteworthy due to litigation involving Spaxel and another potential buyer over the same parcel.
Summary of transaction details
- Property Type: Development Site
- Sale Price: $5,700,000
- Buyer: Joel Wieder
- Seller: Spaxel - Albert Gurakuq Gjonbalaj
- Address: 2047 Ryer Avenue, Fordham Heights
Joel Wieder, operating through GW Ryer LLC, successfully acquired the development site located at 2047 Ryer Avenue in Fordham Heights, Bronx, for a purchase price of $5.7 million from Spaxel - Albert Gurakuq Gjonbalaj. The transaction involved litigation between Spaxel and another potential buyer over the same parcel, adding complexity to the deal.
On the Map
$5,700,000
$80/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.78%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93