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Ginsburg Development Companies Acquires Multifamily Property In Yonkers For $39.5M

Property Image
SOLD
$39,500,000
Jeffrey Dunne
Gene Pride
RS

New York

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MultiFamily87,576 SF
Sold 04/22/2020
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Property Image
SOLD

Ginsburg Development Companies Acquires Multifamily Property In Yonkers For $39.5M

1077 Warburton Ave, Yonkers, NY 10701, USA

See Similar Deals
MultiFamily87,576 SF
Sold 04/22/2020
Jeffrey Dunne
Gene Pride
RS
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$451
Total Square Footage:87,576 SF
Transaction Type:Sale

Ginsburg Development Companies has acquired a multifamily property located at 1077 Warburton Avenue in Yonkers. The property consists of 74 units and measures 87,576 square feet. The transaction was facilitated by brokers Jeffrey Dunne and Gene Pride from CBRE. The sale price for the property was $39,500,000, resulting in a price per square foot of $451 and a price per unit of $533,783.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $39,500,000
  • Address: 1077 Warburton Avenue, Yonkers
  • Market: Yonkers

Gene Pride from CBRE represented the buyer, Ginsburg Development Companies, in this transaction. The seller of the property was RMS Companies, with Randy Salvatore as their representative. This acquisition highlights the active real estate market in Yonkers and the strong interest in multifamily properties in the area.

Players

Gene Pride
Newmark
Gene Pride
22 deals$1.6B volume
BROKER
Jeffrey Dunne
CBRE
Jeffrey Dunne
86 deals$4B volume
BROKER
RS
Randy Salvatore
2 deals$51.7M volume
SELLER

Details

SOLD
IMAGE: Jeffrey Dunne, Gene Pride, Randy Salvatore & Martin Ginsburg DATE: 04/22/2020 ADDRESS: 1077 Warburton Avenue MARKET: Yonkers ASSET TYPE: Multifamily BUYER: Ginsburg Development Companies SELLER: RMS Companies – Randy Salvatore BROKERS: Jeffrey Dunne & Gene Pride – CBRE PRICE: $39,500,000 SF: 87,576 PPSF: $451 UNITS: 74 PPU: $533,783

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

$2,106,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$140,335.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$187,250.15
Annual Debt Service$2,247,001.82