Updated Oct 29, 2024
Silverback Development Acquires Development Site On Gerard Avenue For $16.9M
580 Gerard Ave, The Bronx, NY 10451, USA
$16,900,000
$83/SF
Building Size
203,000 SF
Asset Type
Development Site
Closing
Oct 5, 2020
About this deal
AI
A development site located at 580 Gerard Avenue in the Lower Concourse area has been sold in a closed transaction. The buyer in this deal is Silverback Development, represented by Joshua Schuster. The seller is Emmes Asset Management.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $16,900,000 (gross)
- Square Footage: 203,000 SF
- Zoning Floor Area: 148,000 ZFA
- Market: Lower Concourse
This transaction involved Silverback Development acquiring the development site at 580 Gerard Avenue from Emmes Asset Management. The buyer, represented by Joshua Schuster, successfully closed the deal for a purchase price of $16,900,000 (gross). The property spans over an area of 203,000 square feet with a zoning floor area of 148,000. The location of the site in the Lower Concourse market adds to its value and potential.
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
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93