Cyson Wong Acquires Multifamily Property In Yonkers & Mount Vernon For $2.6M

Located at 186 Ashburton Avenue & 20-22 Mount Vernon Avenue, this multifamily property in Yonkers and Mount Vernon spans 14,500 square feet with 15 units, fetching a sale price of $2,600,000 at $179 per square foot or $173,333 per unit.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,600,000
• Buyer: Cyson Wong
• Seller: Benjamin Spiegel - Redwood Capital Advisors
• Broker: Matt Cawley - National Multifamily
• SF: 14,500
• PPSF: $179

The sale involved Cyson Wong as the buyer, represented by Matt Cawley from National Multifamily, acquiring the property from the seller, Benjamin Spiegel of Redwood Capital Advisors. Notably, the transaction included details such as an EMx of 2.1x, an IRR of 25%, and an AAR of 28%. The four-year hold resulted in a noteworthy per-unit price of $107,000 and a substantial 62% capital appreciation. Additionally, this off-market direct acquisition dealt with Section 8 arbitrage, showcasing a strategic real estate investment move.