Chestnut Holdings Acquires Bronx Property From Prana Investments For $17.5 Million With Broker Aaron Jungreis
SOLD
$17,500,000
New York
See Similar DealsMultiFamily
Sold 07/31/2017
SOLD
Chestnut Holdings Acquires Bronx Property From Prana Investments For $17.5 Million With Broker Aaron Jungreis
2265 Grand Ave, Bronx, NY, 10453
See Similar DealsMultiFamily
Sold 07/31/2017
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Sale
Prana Investments sold a three-building portfolio located at 2376 Ryer Avenue, 2463 Valentine Avenue, and 2265 Grand Avenue in the University Heights neighborhood of Bronx, NY, for $17.5 million. The portfolio consists of three five-story walk-up apartment buildings featuring a total of 76 units and 12 retail stores. The transaction reflects a significant market activity in the Bronx area.
Summary of transaction details:
- Property Type: Apartment Buildings
- Transaction Amount: $17,500,000.00
- Buyer's Representative: Aaron Jungreis
- Buyer: Chestnut Holdings
- Seller: Prana Investments
- Address: 2265 Grand Ave, Bronx, NY, 10453
- Market: Bronx
- Number of Units: 76
- Number of Retail Stores: 12
Aaron Jungreis of Rosewood Realty Group represented both the buyer, Chestnut Holdings, and the seller, Prana Investments, in this transaction. This involvement underscores his role in facilitating the sale within the competitive Bronx real estate market.
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SELLER
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$933,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
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Annual Debt Service$995,507.14
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