Updated Oct 29, 2024
Rick Herman's Prana Acquires Multifamily Property In Soundview, Bronx For $15M
1491 Watson Avenue, East Bronx, Bronx, NY, USA
$15,000,000
$147/SF
Building Size
101,400 SF
Asset Type
MultiFamily
Closing
Feb 20, 2020
About this deal
AI
The multifamily property located at 1491-1493 Watson Avenue & 1126-1130 Evergreen Avenue in Soundview, Bronx has been sold for a price of $15,000,000. The property spans across 101,400 square feet, with a price per square foot of $148. It consists of 120 apartments and boasts a 5.3% capitalization rate. The entire property is 100% rent stabilized, making it an attractive investment opportunity.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $15,000,000
- Square Footage: 101,400
- Price per Square Foot: $148
- Number of Apartments: 120
- Capitalization Rate: 5.3%
The sale was facilitated by Elizabeth Crane of Rosedale Management, who represented the seller, and Rick Herman of Prana, who acted as the buyer. The transaction was overseen by brokers Amit Doshi, David Schechtman, and Shallini Mehra from Team Doshi at Meridian Capital Group.
On the Map
$15,000,000
$147/SF
MultiFamily
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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
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93