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3498 Fort Independence Street

Brandon Vilajeti Acquires Development Site From Tom Vassilakis In Bronx For $1.3M
SOLDDevelopment Site

Brandon Vilajeti Acquires Development Site From Tom Vassilakis In Bronx For $1.3M

3498 Fort Independence Street

$1,300,000

$404/SF

Building Size

3,212 SF

Asset Type

Development Site

Closing

Apr 27, 2025

AI

The property involved in this transaction is a development site located at 3498 Fort Independence Street in the Bronx. The sale price for this asset was $1,300,000. The building encompasses a total square footage of 3,212, resulting in a price per square foot of $404. The total building square footage (BSF) is noted as 13,640, with a price per BSF of $95.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $1,300,000
  • Address: 3498 Fort Independence Street
  • Market: Bronx
  • Total Square Footage: 3,212
  • Price per Square Foot: $404
  • Total Building Square Footage: 13,640
  • Price per Building Square Foot: $95
  • Buyer: Brandon Vilajeti
  • Seller: Tom Vassilakis
  • Brokers: Anand Melwani, Alexandre Goulet & Tony Yu - Landair Property Advisors
  • Attorney: Bill Vasiliadis - Vasiliadis Law PC

This transaction was facilitated by brokers Anand Melwani, Alexandre Goulet, and Tony Yu, representing the sale on behalf of Landair Property Advisors. Legal representation was provided by attorney Bill Vasiliadis from Vasiliadis Law PC, ensuring the transactional processes were conducted efficiently.

Players

Alexandre Goulet

Landair Advisors

Broker

$163.2M

vol

45 deals

Broker

Bronx 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

12.20%

Cash-on-Cash

-3.49%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93