facebook
TradedTraded
    Home
    Search
    Closings
    Listings
    On Market
    Off Market
    Add a listing
    Vaults
    shh
    Rankings
    News
    Data
    Socials
    More


Messages

Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

New York

/

Industrial

/

Sale

/

1318 Oak Point Avenue, The ...

Michael Wahba Acquires Industrial Property In Hunts Point, Bronx For $975,000
SOLDIndustrial

Michael Wahba Acquires Industrial Property In Hunts Point, Bronx For $975,000

1318 Oak Point Avenue, The Bronx, NY, USA

$975,000

$260/SF

Building Size

3,750 SF

Asset Type

Industrial

Closing

Dec 3, 2018

AI

The industrial property located at 1318 Oak Point Avenue in Hunts Point, Bronx has been sold. The transaction took place on December 4, 2018, and the property was purchased for a sale price of $975,000. The property spans a total of 3,750 square feet, resulting in a price per square foot of $260. The seller of the property was Francesco Brusco, while the buyer was Michael Wahba. The deal was facilitated by brokers Michael Fioravanti, Jonathan Squires, Joshua Neustadter, and Addison Berniker from CushWake.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $975,000
  • Address: 1318 Oak Point Avenue, Hunts Point, Bronx
  • Market: Hunts Point, Bronx

It is worth noting that the property is situated in an Opportunity Zone and was acquired through an Opportunity Fund. This presents an opportunity for the buyer, Michael Wahba, to take advantage of the program created in the 2018 Tax Reform Bill.

Players

Addison Berniker

Cushman & Wakefield

Broker

$55.5M

vol

18 deals

Broker
Michael Wahba

Michael Wahba

Salt Equities

Buyer

$21.2M

vol

4 deals

Buyer

New York Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

16.27%

Cash-on-Cash

-4.65%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93