Hope Center Realty Acquires Multifamily Asset In High Bridge, Bronx For $19.5M
SOLD
$19,500,000
New York
See Similar DealsOther320,000 SF
Sold 11/08/2019
SOLD
Hope Center Realty Acquires Multifamily Asset In High Bridge, Bronx For $19.5M
1400 University Ave, The Bronx, NY 10452, USA
See Similar DealsOther320,000 SF
Sold 11/08/2019
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$60
Total Square Footage:320,000 SF
Transaction Type:Sale
Located in the High Bridge neighborhood of the Bronx, the multifamily property at 1400, 1401, and 1407 University Ave has been sold in a closed transaction. The property consists of three buildings, with a total square footage of 32,000 for 1400 University Ave, 17,200 for 1407 University Ave, and 18,418 for 1400 University Ave. The transaction price for this deal was $19,500,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $19,500,000
- Address: 1400, 1401, 1407 University Ave
- Market: High Bridge, Bronx
- Square Footage: 32,000 (1400 University Ave), 17,200 (1407 University Ave), 18,418 (1400 University Ave)
The buyer in this transaction was Hope Center Realty Operations Associates, represented by Daryl Hagler. The seller was Brightpoint Care, represented by Evan S. Zuckerman. Additionally, M&T Bank provided a $12.632 million loan for this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,039,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$69,279.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$92,439.95
Annual Debt Service$1,109,279.38
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