ZG Capital Partners Acquires Rental Property In South Bronx For $65M
2417 Third Ave., The Bronx, NY 10451, USA
$65,000,000
$369/SF
Building Size
176,000 SF
Asset Type
Other
Closing
Oct 23, 2019
About this deal
AI
2417 Third Avenue, located in the South Bronx, was recently sold in a closed transaction. The rental property spans across 176,000 square feet and was acquired by ZG Capital Partners, led by Bobby Zar and James Tamborlane, for a price of $65,000,000. The asset was previously owned by Savanna and Hornig Capital Partners.
Summary of transaction details
- Property Type: Rental
- Transaction Amount: $65,000,000
- Address: 2417 Third Avenue
- Market: South Bronx
- Square Footage: 176,000
ZG Capital Partners, represented by Bobby Zar and James Tamborlane, successfully acquired the property from Savanna and Hornig Capital Partners. This transaction highlights the growing interest in the South Bronx rental market and the confidence of ZG Capital Partners in this investment opportunity.
On the Map
$65,000,000
$369/SF
Other
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Players
New York Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93