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
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