ZG Capital Partners Acquires Office Building In Mott Haven, Bronx For $65M
Bruckner Building, 2417 3rd Avenue, The Bronx, NY, USA
$44,800,000
$238/SF
Building Size
188,000 SF
Asset Type
Office
Closing
Dec 22, 2019
About this deal
AI
The Bruckner Building located at 2417 3rd Avenue in Mott Haven, Bronx, has been involved in a recent property transaction. The asset, classified as an office space, was the subject of a loan deal.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $44,800,000
- Address: 2417 3rd Avenue (Bruckner Building)
- Market: Mott Haven, Bronx
- Square Footage: 188,000
Ladder Capital provided the loan for this transaction, with a term of 4 years. The landlords involved in the deal are Bobby Zar and James Tamborlane of ZG Capital Partners. The brokerage team from CushWake, consisting of Gideon Gil, Alex Lapidus, Maya Steinberger, and Adam Doneger, represented the parties in the transaction.
It is worth noting that ZG Capital Partners recently purchased the property for $65 million.
On the Map
$44,800,000
$238/SF
Office
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Players
Bronx Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93