Updated Oct 28, 2024
Stellar Management Refinances Industrial Property In Concourse, Bronx For $17M
580 Gerard Avenue, The Bronx, New York 10451, United States
$17,000,000
$560/SF
Building Size
30,345 SF
Asset Type
Industrial
Closing
Sep 5, 2022
About this deal
AI
The industrial property located at 580 Gerard Avenue in Concourse, Bronx has recently undergone a refinancing transaction. The property spans across 30,345 square feet and has a building square footage (BSF) of 124,800. It is situated in a thriving market, making it a valuable asset in the industrial sector.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $17,000,000
- Address: 580 Gerard Avenue
- Market: Concourse, Bronx
- BSF: 124,800
- SF: 30,345
The refinancing loan for this property was secured from Stellar Management, with Adam Roman representing the lender. The landlord of the property is the Karten Organization & Alcova Capital Management, with Sharone Karten acting as the owner's representative in the deal.
Players
New York Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93