Ariel Property Advisors
Listed by Ariel Property Advisors
Unpriced
Bruckner By The Bridge
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 476,038
Units 422
Year Built 2009
Buildings 3
Stories 13
Lot Size (SqFt) 14,823
Zoning M1-5/R8A, MX-1
Premier Elevator Tower | Deep Tax Benefits | Immediate Revenue Growth
Marketing description
Premier 419-unit Elevator Tower | Deep Tax Benefits | Immediate Revenue Growth Through Executed 610 Amendment | Accretive Assumable Debt Stack | Dominant Mott Haven Corner
Investment highlights
- Massive Institutional Scale 3 separate buildings spanning 476,038 gross square feet with 419 residential units and 3 commercial/ parking units
- Revenue Diversification Complementing the residential units are two high-value commercial anchors: a Day Care and a School Dedicated parking component adds additional steady monthly cash flow
- Deep Tax Savings Residential and parking condos benefit from 420-c tax exemptions, significantly minimizing the real estate tax load until 2048 Commercial condos utilize the Industrial & Commercial Abatement Program (ICAP) to mitigate costs
- Comprehensive Assumable Debt Structure Current financing features an attractive 3.84% swap rate through May 2027 on 7-day SIFMA bonds plus servicing and credit enhancement, at which point the debt transitions to a flexible floating-rate structure with reduced servicing fees. Investors can further optimize yield by using the principal reserve fund—projected to hit the required 20% threshold in 2027—to pay down the bonds, lowering annual interest payments through 2042.
- Modern Infrastructure Constructed in 2009, this elevator-serviced building offers state-of-the-art systems requiring minimal capital expenditures
- Mott Haven’s Institutional Transformation Located at the cornerstone of the rapidly evolving Mott Haven submarket, a neighborhood defined by a historic surge in large scale residential development, trendy waterfront parks, and an expanding retail landscape
- Income Upside Path for significant revenue growth driven by a recently executed 610 Amendment, allowing ownership to collect the full voucher payment standards 141 current voucher-backed units
- Strategic Gateway Location Occupying a high-visibility corner at Willis Avenue and Bruckner Boulevard, the property serves as a dominant gateway between Manhattan and the Bronx, offering a "minutes-to-Manhattan" commute via the Willis Avenue Bridge and immediate access to major transit thoroughfares
Listing Contacts
Ariel Property Advisors
Listed by Ariel Property Advisors
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$--
Annual Debt Service
$--
$--
Annual Cash Flow
$--
$--
Valuation Metrics
0
DSCR
--
Cap Rate
--
ROI
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Is there information that looks off?
