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645 Van Nest Ave, The Bronx...

Aziz Tareb Acquires Mixed-Use Property In Parkchester, Bronx For $3.85M
SOLDMixed-use

Aziz Tareb Acquires Mixed-Use Property In Parkchester, Bronx For $3.85M

645 Van Nest Ave, The Bronx, NY 10460, USA

$3,850,000

$18/SF

Building Size

205,910 SF

Asset Type

Mixed-use

Closing

Sep 20, 2020

AI

The mixed-use property located at 645 Van Nest Avenue in Parkchester, Bronx has been sold in a closed transaction. The property is zoned as R5 and falls under tax class 2, making it suitable for various uses. The property spans over 20,591 square feet and was sold for a total price of $3,850,000, resulting in a price per square foot of $186. The previous sale of the property took place in December 2007 for $2,200,000.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $3,850,000
  • Market: Parkchester, Bronx
  • Zoning: R5
  • Tax Class: 2

The buyer of the property is Aziz Tareb, while the seller is Akija Lajqi. The deal was facilitated by Richard Torres and Cayce Ortale from RASEquityPartners acting as brokers for both parties. They represented Aziz Tareb as the buyer and Akija Lajqi as the seller throughout the transaction.

Players

Cayce Ortale

Broker

$11.6M

vol

6 deals

Broker

Aziz Tareb

Buyer

$32.2M

vol

7 deals

Buyer

New York Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.12%

Cash-on-Cash

-1.18%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93