Updated Mar 4, 2026
Michael Rubin Acquires MultiFamily In Bronx For $35M From Paradise Management
159 W 228th St, New York, NY, 10463
$35,000,000
Units
226
Asset Type
MultiFamily
Closing
Jul 20, 2017
About this deal
AI
The eight-building multifamily package located at 159 W 228th St, New York, NY, 10463, consisting of six buildings in the Bronx and two in Marble Hill, was sold for $35,000,000.00. The properties, totaling 226 units, were acquired by Long Island landlord Michael Rubin from the seller Paradise Management.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $35,000,000.00
- Buyer: Michael Rubin
- Buyer's Representative: Steven Vegh()
- Seller: Paradise Management
- Address: 159 W 228th St, New York, NY, 10463
- Market: Bronx
The seller, Paradise Management, is a group of Brooklyn-based investors with a mailing address at 199 Lee Avenue in Williamsburg. The transaction marks the third time these properties have changed hands in the last five years.
On the Map
$35,000,000
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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93