Chera Realty Group Acquires Property From Gara Realty Co For $7.2 Million In Bronx
SOLD
$7,200,000
New York
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SOLD
Chera Realty Group Acquires Property From Gara Realty Co For $7.2 Million In Bronx
2021 Grand Concourse, Bronx, NY, 10...
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Summary
NEW YORK
Asset Type:Office
Transaction Type:Sale
The transaction involved the sale of an office building located at 2021 Grand Concourse in the Bronx, NY. The sale price was $7,200,000. The property spans 59,292 square feet and has an 11-story structure, originally built in 1921. It includes a pharmacy on the ground floor and has been primarily leased to medical professionals.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: $7,200,000
- Address: 2021 Grand Concourse, Bronx, NY
- Market: Bronx
- Buyer: Chera Realty Group
- Seller: Gara Realty Co.
- Buyer's Representative: Kathy Zamechansky
- Year Built: 1921
- Square Feet: 59,292
Kathy Zamechansky represented both the seller, Gara Realty Co., and the buyer, Chera Realty Group, in this transaction. Chera Realty Group is based in Brooklyn and has plans to renovate the property after the acquisition.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$384,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$25,580.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,131.67
Annual Debt Service$409,580.08
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