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David Templer Acquires Industrial Site In Soundview Bronx From Express Builders For $60M
SOLD
$60,000,000
New York
See Similar DealsIndustrial
Sold 06/20/2025
SOLD
David Templer Acquires Industrial Site In Soundview Bronx From Express Builders For $60M
1580 Story Avenue
See Similar DealsIndustrial
Sold 06/20/2025
Summary
NEW YORK
Asset Type:Industrial
Transaction Type:Sale
The industrial asset located at 1580 Story Avenue in the Soundview market of the Bronx has a sale price of $60,000,000. The property spans approximately 1,369,694 square feet, resulting in a price per square foot of $44.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $60,000,000
- Buyer: David Templer
- Seller: Joel Braver - Express Builders
- Lender: Valley National Bank
- Building Square Footage: 1,369,694
- Price per Building Square Foot: $44
David Templer’s Soundview Empire LLC is planning a 562-unit development following the acquisition of the industrial site, purchased from Express Builders, represented in the deal by Joel Braver.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,199,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$213,167.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$284,430.61
Annual Debt Service$3,413,167.33
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