Daniel McCormick Of Neighborhood Charter Schools Acquires School In Bronx For $24.6M From David Umansky
411 Wales Avenue
$24,600,000
$438/SF
Building Size
56,109 SF
Asset Type
School
Closing
Oct 15, 2026
About this deal
AI
A sale transaction occurred for a school asset located at 411 Wales Avenue in the Bronx. The property encompasses a ground lease covering three commercial condominium units, totaling 56,109 square feet. The sale price was $24,600,000, amounting to a price per square foot of $438.
Summary of transaction details:
- Property Type: School
- Transaction Amount: $24,600,000
- Address: 411 Wales Avenue
- Market: Bronx
- Square Footage: 56,109
- Price per Square Foot: $438
- Buyer: Daniel McCormick - Neighborhood Charter Schools
- Seller: David Umansky - Civic Builders
Daniel McCormick represented Neighborhood Charter Schools in the transaction, while David Umansky represented Civic Builders. The deal specifically involved a ground lease arrangement, highlighting the distinct nature of the transaction beyond a typical sale.
On the Map
$24,600,000
$438/SF
School
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Coltons Point School Market Snapshot
Boundary boundary · School · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.64%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93