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Stagg Group Acquires Wakefield Development Site From Montefiore Hospital For $5.7M

Property Image
SOLD
$5,700,000
Chris O'Callaghan
Michelle Lala
Marco Lala
+ 3

New York

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Development Site63,075 SF
Sold 10/22/2021
the dealplayerscompscontact
Property Image
SOLD

Stagg Group Acquires Wakefield Development Site From Montefiore Hospital For $5.7M

633 East 232nd Street, East Bronx, Bronx, NY, USA

See Similar Deals
Development Site63,075 SF
Sold 10/22/2021
Chris O'Callaghan
Michelle Lala
Marco Lala
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$90
Total Square Footage:63,075 SF
Transaction Type:Sale

A development site in Wakefield has been sold for a price of $5,700,000. The property, located at 633, 637, and 639 East 232nd Street, as well as 4178 and 4176 Carpenter Avenue, offers significant potential for development. With a buildable square footage (BSF) of 63,075 and a price per buildable square footage (PPBSF) of $90, this site provides a valuable opportunity for future construction.

Summary of transation details

  • Property Type: Development Site 🏗
  • Transaction Amount: $5,700,000
  • Address: 633, 637, and 639 East 232nd Street & 4178 and 4176 Carpenter Avenue, Wakefield
  • Market: Wakefield

The buyer of the property is Stagg Group, represented by Mark Stagg. The seller of the development site is Montefiore Hospital, a well-known healthcare institution. The transaction was facilitated by the brokerage team known as Team Lala, consisting of Michelle Lala, David Raciti, Marco Lala, Jack Lala, and Chris O'Callaghan from RM Friedland.

Players

Jack Lala
RM Friedland
Jack Lala
11 deals$107.1M volume(914) 447-8693
BROKER
Marco Lala
RM Friedland
Marco Lala
13 deals$115.7M volume(914) 843-3535
BROKER
Michelle Lala
RM Friedland
Michelle Lala
11 deals$107.1M volume(973) 405-1394
BROKER
David Raciti
RM Friedland
David Raciti
11 deals$107.1M volume
BROKER
Chris O'Callaghan
RM Friedland
Chris O'Callaghan
2 deals$18.2M volume
BROKER
Mark Stagg
Mark Stagg
14 deals$357.8M volume
BUYER

Details

SOLD
IMAGE: Michelle Lala, David Raciti, Marco Lala, Jack Lala & Chris O'Callaghan DATE: 10/22/2021 ADDRESS: 633, 637 & 639 East 232nd Street & 4178 & 4176 Carpenter Avenue MARKET: Wakefield ASSET TYPE: Development Site 🏗 BUYER: Stagg Group - Mark Stagg SELLER: Montefiore Hospital 🏥 BROKERS: Michelle Lala, David Raciti, Marco Lala, Jack Lala & Chris O'Callaghan (Team Lala) (@TeamLalaCRE) - RM Friedland (@RMFriedland) SALE PRICE: $5,700,000 BSF: 63,075 ~ PPBSF: $90

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$304,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$20,250.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,020.91
Annual Debt Service$324,250.90