Chera Realty Group Acquires Property From Gara Realty Co For $7.2 Million In Bronx
2021 Grand Concourse, Bronx, NY, 10...
$7,200,000
Building Size
—
Asset Type
Office
Closing
Nov 20, 2023
AI
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.
Players
Bronx Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.20%
Cash-on-Cash
-0.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93