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HKS Capital Partners Acquires Future Development Site In Bronx For $2.8M

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SOLD
$2,795,000
Danny Laniado

New York

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MultiFamily44,120 SF
Sold 12/04/2018
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SOLD

HKS Capital Partners Acquires Future Development Site In Bronx For $2.8M

2732 Creston Avenue, Bronx, NY 10468

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MultiFamily44,120 SF
Sold 12/04/2018
Danny Laniado
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$63
Total Square Footage:44,120 SF
Transaction Type:Sale

Three adjoining lots located at 2732, 2736, and 2738 Creston Avenue in the Bronx have been sold in a recent transaction. The multifamily future development site spans a combined area of 44,120 square feet, with each lot measuring 75x100 feet. The property is situated in the Bronx market, offering the potential for future development.

Summary of transaction details

  • Property Type: Multifamily - Future Development Site
  • Transaction Amount: $2,795,000
  • Address: 2732, 2736, 2738 Creston Avenue
  • Market: Bronx

The sellers of the properties were Ezra Chammah, Chris Le, and Rosemary Martinez. They were represented by Gabi Peretz and Danny Laniado from Really NY LLC, as well as Richard Torres from RAS Equity Partners. The buyers of the lots were HKS Capital Partners, with Jerry Swartz and Ayush Kapahi leading the transaction. The deal was successfully negotiated by Richard Torres, Danny Laniado, and Gabi Peretz, who managed to secure all three sellers and create a combined 44,120 square feet of buildable space. The buyers have plans to develop the lots in the near future.

Players

4 deals$7.2M volume(917) 662-6161
BROKER


Richard Torres
11 deals$24.8M volume
BROKER

BUYER

Details

SOLD
IMAGE: Danny Laniado, Richard Torres and Gabi Peretz (@GabiReallyNY) DATE: 12/04/2018 ADDRESS: 2732, 2736, 2738 Creston Avenue MARKET: Bronx ASSET TYPES: Multifamily - Future Development Site BROKER: Gabi Peretz (@GabiReallyNY) & Danny Laniado - Really NY LLC & Richard Torres - RAS Equity Partners SELLER’S: Ezra Chammah, Chris Le, Rosemary Martinez BUYER: HKS Capital Partners - Jerry Swartz & Ayush Kapahi PRICE: $2,795,000 BSF: 44,120 SF ( 75x100 combined ) ~ PPBS: $63 UNITS: 7 NOTES: Richard Torres, Dannny laniado & Gabi Peretz were able to get ALL 3 sellers to agree to sell making the lots combined 44,120 SF Buildable. Buyer plans to develop on the lots in the coming year.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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