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1050 Wheeler Avenue, Bronx,...

Related Fund Sells Soundview Multifamily In Bronx For $13M
SOLDMultiFamily

Related Fund Sells Soundview Multifamily In Bronx For $13M

1050 Wheeler Avenue, Bronx, NY 10472

$13,000,000

$144/SF

Building Size

90,000 SF

Asset Type

MultiFamily

Closing

Jul 8, 2020

AI

The property involved in the transaction is a multifamily asset located at 1050 Wheeler Avenue & 1085 Colgate Avenue in Soundview, Bronx. The sale took place on July 9, 2020. The property consists of 84 units, with a total square footage of 90,000. It was sold for $13,000,000, resulting in a price per square foot of $144 and a price per unit of $154,761. The capitalization rate for the transaction was 5.5%.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $13,000,000
  • Address: 1050 Wheeler Avenue & 1085 Colgate Avenue, Soundview, Bronx
  • Date: 07/09/2020
  • Market: Soundview, Bronx
  • Units: 84
  • Square Footage: 90,000
  • Price per Square Foot: $144
  • Price per Unit: $154,761
  • Capitalization Rate: 5.5%

The seller of the property was Related Fund, represented by Daniel Parker, Paul Gillen, Anthony Ledesma, Kyle van Buitenen, and Allie Boyan from Hodges Ward Elliott.

Players

Allie Boyan

Hodges Ward Elliott

Broker

$594.7M

vol

5 deals

Broker
Related Group
Related GroupSeller
Related Group
Related GroupLender

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.22%

Cash-on-Cash

-0.35%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93