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Peter Fine Acquires Development Site On Jerome Avenue In Bronx From Michael Harbater For $5.5M

1956 Jerome Avenue
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This Development Site property located in NY was sold for $6,000,000 almost 3 years ago. The brokers of the deal were Mitchel Flaherty and DJ Johnston

1956 Jerome Avenue, located in the Bronx, was recently sold in a closed transaction. The property, a development site, spans across a corner lot measuring 100' x 107' and has a floor area ratio (FAR) of 7.2, equivalent to approximately 75,000 buildable square feet (BSF). The site was acquired by Peter Fine at a sale price of $5,500,000, lower than the initial asking price of $6,000,000. This transaction marks another success for Mitchel Flaherty and DJ Johnston of 6RealEstate Advisors, who represented the seller in this deal.

Summary of transation details

  • Property Type: Development Site
  • Transaction Amount: $5,500,000
  • Address: 1956 Jerome Avenue
  • Market: Bronx
  • Buyer: Peter Fine
  • Seller: Michael Harbater
  • Seller's Rep: DJ Johnston & Mitchel Flaherty - 6RealEstate Advisors
  • Asking Price: $6,000,000
  • BSF: 75,000
  • PPBSF: $73

Peter Fine, a prominent developer in the Bronx, swiftly closed the deal within just 30 days of signing the contract, a remarkable feat considering that affordable housing transactions typically require 18-24 months for completion. With his experience and confidence, Peter demonstrated his commitment to the project, which aims to bring over 100 units of affordable housing to the area. The upcoming development is projected to rise more than 12 stories and offers a promising addition to the Bronx's housing options.

It is worth noting that B6RealEstate, known for its comprehensive understanding of sub-markets and collaborative approach among brokers, facilitated this successful transaction. By fostering communication and eliminating internal competition, the firm leverages its collective insight to ensure outstanding outcomes for its clients. For more information on B6RealEstate, potential clients can reach out to DJ Johnston via phone at 914-584-7422 or by email at [email protected], as well as Mitch Flaherty at 917-348-0242 or [email protected].

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Deals
  • Location
    1956 Jerome Avenue, Bronx, NY 10453, USA1956 Jerome Avenue, Bronx, NY 10453, USA
  • Sale Price
    $6,000,000$6,000,000
    $291 PPSF$291 PPSF
  • Area
    20,600 SF20,600 SF
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    2 Brokers, 2 Agencies2 Brokers, 2 Agencies

Agents

DJ Johnston

DJ Johnston

Deals70
Financed$398.4M

Agencies

B6 Real Estate Advisors

B6 Real Estate Advisors

Agency
Deals208
Volume$2.3B

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Deal Summary

SALE IMAGE: Mitchel Flaherty & DJ Johnston DATE: 04/15/2021 ADDRESS: 1956 Jerome Avenue MARKET: Bronx ASSET TYPE: Development Site BUYER: Peter Fine SELLER: Michael Harbater SELLER'S REP: DJ Johnston (@B6RealEstate_JohnstonTeam) & Mitchel Flaherty (@MFlaherty_B6) - @B6RealEstate Advisors ASKING PRICE: $6,000,000 SALE PRICE: $5,500,000 BSF: 75,000 ~ PPBSF: $73 NOTE FROM @B6RealEstate: The Brit in the Bronx strikes again! 🇬🇧 Mitchel Flaherty (The Brit) along with DJ Johnston (not a Brit) have successfully sold 1956 Jerome Avenue, a 100' x 107' corner lot with an FAR of 7.2, or 75,000 BSF. The site will make way for 100+ units of affordable housing, rising upwards of 12+ stories. Peter Fine purchased the site, closing in 30 days of contract signing, a rare term for an affordable housing transaction, which typically takes upwards of 18-24 months. Peter is one of the most active developers in the Bronx, and showcased his confidence and experience by executing swiftly and smoothly. It was a pleasure working with him. B6's territory model allows the firm to understand each sub-market on a block by block basis, and promotes communication amongst brokers by eliminating internal competition. It is this collaboration that makes us such a strong resource in the market. Connect with us to see how you can benefit from our collective insight and what we learned during this particular assignment. 👤DJ Johnston (Brooklyn) 📱 914-584-7422 📧 [email protected] 👤Mitch Flaherty (Bronx) 📱917-348-0242 📧[email protected]

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1956 Jerome Avenue

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