Galaxy Development Acquires Development Site In Kingsbridge Heights For $1.5M
SOLD
$1,525,000
New York
See Similar DealsDevelopment Site19,400 SF
Sold 10/31/2022
SOLD
Galaxy Development Acquires Development Site In Kingsbridge Heights For $1.5M
3050 Bailey Aveue
See Similar DealsDevelopment Site19,400 SF
Sold 10/31/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$78
Total Square Footage:19,400 SF
Transaction Type:Sale
Galaxy Development has acquired a development site located at 3050 Bailey Ave in Kingsbridge Heights. The property, sold by Herb Freedman, was transacted for a price of $1,525,000. The development site has a building square footage (BSF) of 19,400, resulting in a price per square footage (PPSF) of $78.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,525,000
- Address: 3050 Bailey Ave
- Market: Kingsbridge Heights
- Buyer: Galaxy Development - Steve Zervoudis
- Seller: Herb Freedman
- Brokers: Giancarlo Cugini & Karl Brumback - JLL
- BSF: 19,400
- PPBSF: $78
Giancarlo Cugini and Karl Brumback from JLL represented the buyer, Galaxy Development, in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$81,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,418.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,229.28
Annual Debt Service$86,751.34
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