The Stagg Group Acquires Development Site In Riverdale For $7.9M
SOLD
$7,900,000
New York
See Similar DealsDevelopment Site69,391 SF
Sold 07/01/2020
SOLD
The Stagg Group Acquires Development Site In Riverdale For $7.9M
5278 Post Rd, The Bronx, NY 10471, USA
See Similar DealsDevelopment Site69,391 SF
Sold 07/01/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$113
Total Square Footage:69,391 SF
Transaction Type:Sale
The development site located at 5278 Post Road in Riverdale has been sold in a closed transaction. The property had an asking price of $8,500,000 and was eventually sold for $7,900,000. With a total buildable square footage of 69,391, the price per buildable square foot is $115.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $7,900,000
- Address: 5278 Post Road, Riverdale
- Market: Riverdale
- Asking Price: $8,500,000
- Buildable Square Footage (BSF): 69,391
- Price per Buildable Square Foot (PPBSF): $115
The seller of the property was the Varkaris Family, while the buyer was The Stagg Group represented by Mark Stagg. The transaction was facilitated by Addison Berniker and Jonathan Squires of Cushman & Wakefield.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$421,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,067.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,450.03
Annual Debt Service$449,400.36
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