Updated Oct 28, 2024
Heritage Affordable Communities Acquires Multifamily Portfolio In Mott Haven, Bronx For $8.6M
534 East 138th Street, Bronx, NY, USA
$17,900,000
$852/SF
Building Size
21,000 SF
Asset Type
MultiFamily
Closing
Sep 23, 2021
About this deal
AI
The multifamily property located at 225, 278, 282 St. Ann's Ave., 510, 518 East 139th St., and 605 East 138th St. in Mott Haven, Bronx has been sold in a transaction facilitated by Victor Sozio, Shimon Shkury, Jason M. Gold, and Daniel Mahfar of Ariel Property Advisors. The property was purchased by Heritage Affordable Communities from Castellan Real Estate Partners, represented by Steven Victor. The sale took place on December 30, 2022, for a total price of $8,625,000.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $8,625,000
- Units: 86
- Price Per Unit: $100,291
- Square Footage: 80,349
- Price Per Square Foot: $107
The buyer, Heritage Affordable Communities, acquired the 86-unit multifamily property in Mott Haven, Bronx. The seller, Castellan Real Estate Partners, was represented by Steven Victor. The transaction was brokered by Victor Sozio, Shimon Shkury, Jason M. Gold, and Daniel Mahfar of Ariel Property Advisors.
Players
New York 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
0.89%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93