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Meilech Friedman Acquires Industrial Building From Usher, Jacob & Solomon Steinmetz In Mott Haven, Bronx

Property Image
SOLD
$4,000,000

New York

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Industrial6,792 SF
Sold 05/20/2024
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Property Image
SOLD

Meilech Friedman Acquires Industrial Building From Usher, Jacob & Solomon Steinmetz In Mott Haven, Bronx

533 Concord Avenue

See Similar Deals
Industrial6,792 SF
Sold 05/20/2024
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$588
Total Square Footage:6,792 SF
Transaction Type:Sale

An industrial building located at 533 Concord Avenue in Mott Haven, Bronx, was sold for $4 million. The property spans 6,792 square feet with a price per square foot of $589, while the price per buildable square foot stands at $229.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $4,000,000
  • Buyer: Meilech Friedman
  • Seller: Usher Steinmetz, Jacob Steinmetz, & Solomon Steinmetz
  • Lender: Broadview Capital
  • Building Square Footage: 6,792
  • Price Per Square Foot: $589

Meilech Friedman, through Concord Residence LLC, finalized the purchase of the industrial property from Usher, Jacob, and Solomon Steinmetz of New Concord Realty LLC. Additionally, Friedman secured an $8.2 million construction loan from Broadview Capital to facilitate the acquisition.

Players

Broadview Capital
Broadview Capital
LENDER

Details

SOLD
IMAGE: 05/17/2024 ADDRESS: 533 Concord Avenue MARKET: Mott Haven, Bronx ASSET TYPE: Industrial BUYER: Meilech Friedman SELLER: Usher Steinmetz, Jacob Steinmetz & Solomon Steinmetz LENDER: Broadview Capital SALE PRICE: $4,000,000 BSF: 17,458 ~ PPBSF: $229 SF: 6,792 ~ PPSF: $589 NOTE: Meilech Friedman, through Concord Residence LLC, purchased an industrial building at 533 Concord Avenue in Mott Haven, Bronx, for $4 million from Usher, Jacob, and Solomon Steinmetz of New Concord Realty LLC. Friedman also secured an $8.2 million construction loan from Broadview Capital.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$213,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$14,211.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,962.04
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