Superb Trophy Sycamore Court Best Class A 63 Residential Apartments Condominium

Listing ID: 97
Last Updated: 10 09, 2018
Property Type(s): Mid/High-Rise
Property Use Type: Investment
Contact : Andrew Lichtenstein,
President
Andrew Lichtenstein, Inc.
5770 Palisade Avenue Riverdale,
New York 10471
(800) 242-9888 or (718) 549-5999
Email: AL@LichtensteinRE.com

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Contact


Andrew Lichtenstein,
President
Andrew Lichtenstein, Inc.
5770 Palisade Avenue Riverdale,
New York 10471
(800) 242-9888 or (718) 549-5999
Email: AL@LichtensteinRE.com

Price
 
Asking Price: $ 27,500,000Opinion of Value: $ 30,000,000
Down Payment: $ 0Year Built: 2009
 
Property Size
 
Existing Built Square Footage: 50,788 Sq.FtLand Plot Lot Size: 10,220 Square Feet
Lot Frontage: Lot Depth:
Number of Units: 63Percent Occupied: 97 %
Investment Type:  

Attachments

1-Lichtenstein-ForSale-$27.5MMSycamoreCourtCondoResidential9.12.2018.pdf

Property Details

Property Description :

Brand New 2009 construction, 97% Occupied, 7 Story Class A First Class Finest Luxury Concierge Elevator Brick Apartment Building Condominium Fee Simple Real Estate containing 63 Luxury Apartments with 50,788 Square Feet of Usable Residential Square Footage, plus 16 of these same units have 3,873 square feet Exterior Usable Terraces or Balconies for a Total Usable Residential Interior & Exterior 54,661 Square Feet.

Property Location :

Kingsbridge, Spuyten Duyvil

Highlights :

EXCELLENT GREATER RIVERDALE NEIGHBORHOOD LOCATION
CLOSE TO VAN COURTLAND PARK
WALKING DISTANCE TO MANHATTAN. MINUTES TO MANHATTAN CONVENIENTLY LOCATED CLOSE TO SUBWAY TRAIN, BUS MASS TRANSIT AS WELL AS ALL ROADS
180 Year Old Beautiful Sycamore Tree -The Oldest Living Thing In The Bronx
EXCELLENT ADDITION TO THE PORTFOLIO OF ANY REIT, PRIVATE EQUITY OR INSTITUTIONAL INVESTOR
421A TAX ABATEMENT EXPIRES 2028

Property Financials

  Annual IncomeAnalytical Calculations
Scheduled Gross Income, Annually:$ 1,790,710Gross Rent Multiplier:15
Less Vacancy & Collection Loss Assumption:$ 0Capitalization Rate:4.78 %
Reimbursement:$ Cash on Cash Return:3.29 %
Other Income:10,107 
a. Effective Gross Income, Annualy: $ 180,817 
  Annual ExpensesAnalytical Calculations
Management:$ 36,016Expenses per unit:$ 7,706
Maintenance:$ 34,650Expenses per square foot:$ 9.56
Taxes:$ 13,136Price per unit:$ 429,688
Insurance:$ 20,000Price per square foot (building):$ 503
Heating:$ 81,261Price per area of land plot:$ 2,691
a. Total Annual Expenses: $ 485,467 
Annual Net Financials
c. Net Operating Income, Annually$ 1,315,350
d. Annual Debt Service:$ 0
e. Other Annual Capital Costs:$ 0
Pre Tax Cash Flow, Annually$ 0

Financing Information

This Loan is Proposed
Principal:$ 16,405,000
Interest Rate:4.09 %
Loan Amortization:30 Years
Loan Term:5 Years
Annual Debt Service:$ 950,083
Description:FIXED FOR 5 YEARS PLUS 5 YEAR ROLLOVER WITH 30 YEAR AMORTIZATION SCHEDULE

Tenant Information

Tenant NameLease End (i.e. mm/dd/yyyy)square feet
Lease and Escalation:

Property Attachments

Attachment
(click to open / enlarge)
Description
Sycamore Court 63 Unit Residential Apartments

Disclaimer

The statements, figures and information herein or provided at any time have been received from sources we believe to be authoritative, but no warranty, guarantee or representation is made as to the accuracy or completeness. Subject to errors, omissions, change of conditions, price, terms, rate, prior rental, sale, lease, financing, prior placement, withdrawal, cancellation or modification without notice. The information, including financial analysis does not constitute a representation, warranty, or guaranty of any or the numbers or information set forth herein or of any economic value attributable to the subject investment. Independent estimates of financial or economic attributes should be developed with due diligence of counsel and independent professionals before any decision is made regarding this. The materials and information do not constitute an offer or a solicitation of an offer for the purchase or sale of any securities whatsoever or in any companies affiliated herein. Furthermore, this site may contain information and press releases about and by affiliates; however, although this information was believed to be accurate as of the date prepared we hereby disclaim any duty or obligation to update such information. To the extent that any information is deemed to be a 'forward looking statement' as defined in the rules and regulations of the Securities Act of 1933, as amended, such information is intended to fit within the 'safe harbor' for forward looking information and is subject to material risk factors which may or may not be disclosed herein. We do not intend to make any investment representations about or any companies affiliated with us, or of opportunities and should not be viewed as such. Buyers/Borrowers must perform their own independent due diligence. References to square footage or age are approximate. This summary is for information only and does not constitute all or any part of an offer or contract. Buyer must verify all information and bears all risk for any inaccuracies. Broker does not warrant any inaccuracies; pricing, availability etc. is subject to change.
ANDREW LICHTENSTEIN, INC. (Licensed Real Estate Broker) Commercial Real Estate Sales and Mortgage Financing