New York City School Construction Authority Acquires Development Site For $12.65M
SOLD
$12,650,000
New York
See Similar DealsDevelopment Site65,320 SF
Sold 04/11/2024
SOLD
New York City School Construction Authority Acquires Development Site For $12.65M
6389 Broadway & 6393 Broadway
See Similar DealsDevelopment Site65,320 SF
Sold 04/11/2024
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$193
Total Square Footage:65,320 SF
Transaction Type:Sale
The Development Site located at 6389-6393 Broadway in Bronx was sold for $12,650,000. Spanning 32,660 square feet, the property was purchased at a rate of $387 per square foot.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,650,000
- Buyer: New York City School Construction Authority
- Seller: The Loewy & Patel Families
- Brokers: Giancarlo Cugini & Karl Brumback - JLL
- Address: 6389-6393 Broadway
- Market: Bronx
Giancarlo Cugini and Karl Brumback from JLL facilitated the transaction, representing the buyer and seller respectively in the sale of the Development Site. The New York City School Construction Authority acquired the property from The Loewy & Patel Families in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$674,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$44,942.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,967.45
Annual Debt Service$719,609.44
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