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Ben Rieder Acquires Soundview Multifamily In $9.4M Deal

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SOLD
$9,400,000

New York

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MultiFamily52,875 SF
Sold 09/24/2021
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Property Image
SOLD

Ben Rieder Acquires Soundview Multifamily In $9.4M Deal

1064 Ward Avenue, East Bronx, Bronx, NY, USA

See Similar Deals
MultiFamily52,875 SF
Sold 09/24/2021
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$177
Total Square Footage:52,875 SF
Transaction Type:Sale

A multifamily property located at 1064 Ward Avenue in the Soundview market has been sold. The property, with a total building square footage (BSF) of 30,375, sits on a lot size of 12,500 square feet. The sale price for this transaction was $9,400,000, resulting in a price per building square foot (PPBSF) of $309 and a price per square foot (PPSF) of $177. The property is zoned as R6, C1-2, indicating its regulatory use and potential development possibilities. The last recorded sale of this property took place on September 8, 2016, with a sale price of $10,000,000. An alteration permit was issued on September 29, 2020.

Summary of transaction details

  • Property Type: Multifamily
  • Sale Price: $9,400,000
  • Building Square Footage (BSF): 30,375
  • Price per Building Square Foot (PPBSF): $309
  • Square Footage (SF): 52,875
  • Price per Square Foot (PPSF): $177
  • Total Lot Size: 12,500 square feet
  • Last Sale Price: $10,000,000 (09/08/2016)
  • Permits: Alteration 2 (09/29/2020)
  • Zoning: R6, C1-2

The buyer in this transaction is Ben Rieder, while the seller is Anthony Simari. The property was sold at a price of $9,400,000, indicating the transaction amount. The transaction was closed on September 24, 2021, making this the most recent sale. The property's zoning designation of R6, C1-2 allows for multiple residential units and various commercial possibilities within the area.

Players

Ben Rieder
8 deals$55M volume
BUYER

Details

SOLD
IMAGE: 09/24/2021 ADDRESS: 1064 Ward Avenue MARKET: Soundview ASSET TYPE: Multifamily ~ ZONING: R6, C1-2 BUYER: Ben Rieder SELLER: Anthony Simari PRICE: $9,400,000 BSF: 30,375 ~ PPBSF: $309 SF: 52,875 ~ PPSF: $177 FAR: 4.23 TAX CLASS: 2 LOT SIZE: 12,500 LAST SALE PRICE: $10,000,000 (09/08/2016) PERMITS: Alteration 2 (09/29/2020) LOT DIMENSION: 100 ft x 125 ft

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$501,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$33,396.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$44,560.80
Annual Debt Service$534,729.55