Joseph Rukaj Secures $11.6 Million Loan From Bayport Funding For Development In Bronx
3848 Bailey Avenue
$11,600,000
$8,055/SF
Building Size
1,440 SF
Asset Type
MultiFamily
Closing
Apr 28, 2026
AI
The asset involved in the transaction is a development site located at 3848 Bailey Avenue in Kingsbridge Heights, Bronx. This site has a square footage of 1,440 and a buildable square footage of 10,780. The property is associated with a new construction loan amounting to $11.6 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $11.6 million
- Address: 3848 Bailey Avenue
- Market: Kingsbridge Heights, Bronx
- Loan Lender: Bayport Funding
- Landlord: Joseph Rukaj
- Entity: 3852 Bailey Ave Property LLC
- Loan Close Date: April 28, 2026
- Loan Recorded Date: May 15, 2026
Joseph Rukaj, through 3852 Bailey Ave Property LLC, secured the loan from Bayport Funding specifically for the development at the mentioned location. This transaction underscores the engagement of key players in the real estate financing sector.
Players
Bronx MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.37%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93