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Bernard Lindgren Acquires Multifamily Property In Croton-on-Hudson For $31M

Property Image
SOLD
$31,000,000

New York

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MultiFamily142,560 SF
Sold 05/17/2024
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Property Image
SOLD

Bernard Lindgren Acquires Multifamily Property In Croton-on-Hudson For $31M

26 Scenic Drive

See Similar Deals
MultiFamily142,560 SF
Sold 05/17/2024
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$217
Total Square Footage:142,560 SF
Transaction Type:Sale

The multifamily property located at 26 Scenic Drive in Croton-On-Hudson was successfully sold in a recent transaction. The asset consists of 144 units with a total square footage of 142,560. The property was acquired by Bernard Lindgren from the seller, Richard Bartzick, for the total sale price of $31,000,000, equating to a price per unit of $215,278 and a price per square foot of $217.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $31,000,000
  • Units: 144
  • Square Footage: 142,560
  • Price per Unit: $215,278
  • Price per Square Foot: $217
  • Address: 26 Scenic Drive, Croton-On-Hudson
  • Market: Croton-On-Hudson
  • Buyer: Bernard Lindgren
  • Seller: Richard Bartzick
  • Brokers: Anthony Watkins & David Algarin - Oak & Avery Group

The deal was facilitated by expert brokers Anthony Watkins and David Algarin from Oak & Avery Group. Their professionalism and industry knowledge were instrumental in bringing together both the buyer and seller to successfully close this significant transaction.

Players

Anthony Watkins
29 deals$107.3M volume(914) 292-0105
BROKER

David Algarin
Oak & Avery Group
27 deals$100.8M volume(914) 292-1081
BROKER

Details

SOLD
IMAGE: Anthony Watkins & David Algarin DATE: 05/17/2024 ADDRESS: 26 Scenic Drive MARKET: Croton-On-Hudson ASSET TYPE: Multifamily BUYER: Bernard Lindgren SELLER: Richard Bartzick BROKERS: Anthony Watkins & David Algarin (@David_Algarin12) - Oak & Avery Group (@OakAveryGroup) SALE PRICE: $31,000,000 UNITS: 144 ~ PPU: $215,278 SF: 142,560 ~ PPSF: $217

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,653,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$110,136.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,955.82
Annual Debt Service$1,763,469.79