Updated Oct 29, 2024
Verizon Acquires Industrial Property In Castle Hill, Bronx For $21M
470 Zerega Avenue, The Bronx, New York 10473, United States
$21,000,000
$1,750,000/SF
Building Size
12 SF
Asset Type
Industrial
Closing
Nov 17, 2022
About this deal
AI
Verizon has acquired a portfolio of industrial properties in Castle Hill, Bronx. The properties on 470, 480, 502, and 500 Zerega Avenue have been sold by Del Balso Construction Corporation for a total transaction amount of $21,000,000. The industrial assets encompass a total building square footage of 202,190, with an average price per square footage of $104. The individual building size for this transaction is 12,800 square feet, with a price per square footage of $1,641.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $21,000,000
- Address: 470, 480, 502 & 500 Zerega Avenue
- Market: Castle Hill, Bronx
Megan L. Ust, representing Verizon, acted as the buyer, while Peter C. Marron, from Del Balso Construction Corporation, represented the seller in this transaction.
Bronx Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93