The Bridge Inc. Acquires Multifamily Property In Morrisania For $13M
1228 Washington Avenue, West Bronx, The Bronx, NY, USA
$13,000,000
$371/SF
Building Size
34,964 SF
Asset Type
MultiFamily
Closing
Nov 17, 2020
AI
The property involved in this closed transaction is a multifamily asset located at 1228 Washington Avenue in Morrisania. The property is zoned as R7-1 and C2-4, allowing for multiple use options. The transaction took place on 11/18/2020.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $13,000,000
- Address: 1228 Washington Avenue
- Market: Morrisania
- Total Square Footage: 34,964
- Price per Square Foot: $371
The buyer in this transaction is The Bridge Inc., while the seller is Yehuda Cohen. The previous sale of the property occurred on 12/2017 for $975,000.
Players
Bronx 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