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Richard Guarino & Lynda Blumberg Acquire Bronx Package Deal For $68.75M

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SOLD
$68,750,000

New York

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Other404,086 SF
Sold 08/16/2021
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SOLD

Richard Guarino & Lynda Blumberg Acquire Bronx Package Deal For $68.75M

1344 University Ave, Bronx, NY, USA

See Similar Deals
Other404,086 SF
Sold 08/16/2021
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Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$170
Total Square Footage:404,086 SF
Transaction Type:Sale

A package deal consisting of multiple properties in the Bronx has been sold for a total of $68,750,000. The properties included in the package are located at 1344 & 2610 University Ave., 600-604 Trinity Avenue, 230 East 167th Street, 344 East 209th Street (3295 Decatur Ave.), 2432 Webb Avenue, 2300 Grand Concourse (205 East 183rd Street) (2301 Ryer Ave.), 2609 Aqueduct Ave., 2585 Grand Concourse & 2584 Creston Ave. (105 East 192nd Street). The package deal comprises a total of 421 units with an average price per unit of $163,301. The total square footage of the properties is 404,086, with an average price per square foot of $170.

Summary of transation details

  • Property Type: Package Deal
  • Transaction Amount: $68,750,000
  • Units: 421
  • Price Per Unit: $163,301
  • Square Footage: 404,086
  • Price Per Square Foot: $170
  • Market: Bronx

The buyer's representatives for this transaction were Richard Guarino & Lynda Blumberg, while the seller's representative was Richard Guarino. Special thanks goes to Anthony Simari & Ed Friedman for their contributions to the deal.

Players

Richard Guarino
51 deals$293.6M volume
BROKER

Lynda Blumberg
Friedman-Roth Realty
9 deals$130.2M volume
BROKER

Details

SOLD
IMAGE: Richard Guarino & Lynda Blumberg DATE: 08/16/2021 ADDRESS: 1344 & 2610 University Ave., 600-604 Trinity Avenue, 230 East 167th Street, 344 East 209th Street (3295 Decatur Ave.), 2432 Webb Avenue, 2300 Grand Concourse (205 East 183rd Street) (2301 Ryer Ave.), 2609 Aqueduct Ave., 2585 Grand Concourse & 2584 Creston Ave. (105 East 192nd Street) MARKET: Bronx ASSET TYPE: Package Deal BUYER’S REP: Richard Guarino & Lynda Blumberg (@FriedmanRoth) SELLER’S REP: Richard Guarino (@FriedmanRoth) SALE PRICE: $68,750,000 UNITS: 421 ~ PPU: $163,301 SF: 404,086 ~ PPSF: $170 NOTE FROM BROKER: Special Thanks to Anthony Simari & Ed Friedman for a kick ass job!

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,666,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$244,254.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$325,910.07
Annual Debt Service$3,910,920.90