Yechiel Newhouse Acquires Multifamily Property In Soundview For $24.4M
SOLD
$24,412,000
+ 1
New York
See Similar DealsMultiFamily147,600 SF
Sold 04/27/2021
SOLD
Yechiel Newhouse Acquires Multifamily Property In Soundview For $24.4M
1240 Morrison Ave, Park Versailles, Bronx, NY, USA
See Similar DealsMultiFamily147,600 SF
Sold 04/27/2021
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$165
Total Square Footage:147,600 SF
Transaction Type:Sale
The multifamily property located at 1240 Morrison Ave. in Soundview, Bronx, was recently sold for a price of $24,412,000. The transaction took place on April 27, 2021. The property consists of 154 units, with an average price per unit of $158,441. The total square footage of the property is 147,600, leading to a price per square foot of $165. The property has a capitalization rate of 6.5%.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $24,412,000
- Units: 154
- Price per Unit: $158,441
- Square Footage: 147,600
- Price per Square Foot: $165
- Capitalization Rate: 6.5%
The buyer of the property is Yechiel Newhouse. The seller is Stellar Management. The deal was facilitated by the brokers Aaron Jungreis, Ben Khakshoor, and Alex Fuchs of Rosewood Realty Group.
Players
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,301,973.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$86,730.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$115,725.33
Annual Debt Service$1,388,704.01
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