ZG Capital Partners Acquires Rental Property In South Bronx For $65M
SOLD
$65,000,000
New York
See Similar DealsOther176,000 SF
Sold 10/24/2019
SOLD
ZG Capital Partners Acquires Rental Property In South Bronx For $65M
2417 Third Ave., The Bronx, NY 10451, USA
See Similar DealsOther176,000 SF
Sold 10/24/2019
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$369
Total Square Footage:176,000 SF
Transaction Type:Sale
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.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,466,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$230,931.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$308,133.16
Annual Debt Service$3,697,597.94
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