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RXR Realty Acquires Development Site In Mott Haven For $34.5M

Property Image
SOLD
$34,490,619
Daniel Fromm
Keith Rubenstein

New York

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Development Site178,694 SF
Sold 03/18/2020
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Property Image
SOLD

RXR Realty Acquires Development Site In Mott Haven For $34.5M

2413 3rd Avenue, Bronx, NY 10451

See Similar Deals
Development Site178,694 SF
Sold 03/18/2020
Daniel Fromm
Keith Rubenstein
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$193
Total Square Footage:178,694 SF
Transaction Type:Sale

A development site located at 2413 3rd Ave & 9 Bruckner Blvd in Mott Haven, has been sold for a total price of $34,490,619. The property was sold on 03/18/2020. The buyer of the development site is RXR Realty, while the seller is Keith Rubenstein of Somerset Partners. The transaction was facilitated by Daniel Fromm of Newmark Knight Frank, acting as the broker.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $34,490,619
  • Address: 2413 3rd Ave & 9 Bruckner Blvd
  • Market: Mott Haven

The transaction involved key individuals and companies in the real estate industry. Keith Rubenstein, the seller, is a prominent figure in Somerset Partners. On the other hand, RXR Realty, the buyer, is an established real estate company. The deal was brokered by Daniel Fromm of Newmark Knight Frank.

Players

Daniel Fromm
Newmark
Daniel Fromm
82 deals$5.3B volume
BROKER
RXR Realty
RXR Realty
BUYER
Keith Rubenstein
Keith Rubenstein
5 deals$171.9M volume
SELLER

Details

SOLD
IMAGE: Daniel Fromm, Keith Rubenstein & @ScottRechler DATE: 03/18/2020 ADDRESS: 2413 3rd Ave & 9 Bruckner Blvd MARKET: Mott Haven ASSET TYPE: Development Site BUYER: @RXR_Realty SELLER: Keith Rubenstein @SomersetPartners BROKER: Daniel Fromm @NewmarkKF PRICE: $34,490,619 BSF: 178,694 ~ PPBSF: $193

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Deal Type
Operating Income
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)-$122,537.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$163,503.13
Annual Debt Service$1,962,037.56