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
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
Loading comparables…
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