Haven Capital Acquires 215-Unit Multifamily Building In Bronx For $50M
SOLD
$50,000,000
+ 2
New York
See Similar DealsMultiFamily130,000 SF
Sold 02/25/2022
SOLD
Haven Capital Acquires 215-Unit Multifamily Building In Bronx For $50M
276 Grand Concourse Bronx, NY 10451, USA
See Similar DealsMultiFamily130,000 SF
Sold 02/25/2022
+ 2
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$384
Total Square Footage:130,000 SF
Transaction Type:Sale
A ground lease of a newly completed multifamily building located at 276 Grand Concourse in the Bronx has been sold for $50,000,000. The property consists of 215 units with a total square footage of 130,000. The transaction took place on 02/25/2022.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $50,000,000
- Address: 276 Grand Concourse
- Market: Bronx
- Units: 215
- Square Footage: 130,000
The buyer of the ground lease was Haven Capital, while the seller was GC Capital Group LLC. The deal was facilitated by brokers Helen Hwang, Brian Szczapa, Karen Wiedenmann, Yasmin Kheradpey, and Isaac Filler from Meridian Capital Group.
This transaction represents the successful sale of a newly completed multifamily building in the Bronx. The ground lease agreement allows the buyer, Haven Capital, to gain ownership and control over the property and its 215 units. The brokers from Meridian Capital Group played a crucial role in facilitating this deal.
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BUYER
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,666,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$177,639.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$237,025.51
Annual Debt Service$2,844,306.11
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