Shimshon Grunstein Acquires Mott Haven Ground Lease For $108M
550 Trinity Avenue, The Bronx, NY, USA
$108,000,000
$2,064/SF
Building Size
52,318 SF
Asset Type
Development Site
Closing
Feb 24, 2019
AI
The property involved in this transaction is a development site located at 550 Trinity Ave. & 571 Jackson Ave. in the Mott Haven area of Bronx. The asset type is a ground lease on a 15,209 square feet lot. The deal was closed on 2/25/2019.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $108,000,000
- Brokers: Michael Ferrara from Brax Realty NYC and Dan Thompson from Savills Studley
The seller in this transaction was Jay Friedlander, while the buyer was Shimshon Grunstein. The brokers, Michael Ferrara from Brax Realty NYC and Dan Thompson from Savills Studley, exclusively represented the landlord and procured the lessee. The ground lease is for a period of 99 years and has a total lease value of $108M. The brokers successfully arranged the deal on behalf of their clients.
Players
New York 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
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93