3 Unit Development Site Bronx
Investment Highlights
East 228th st bronx 3 family brick 22x70 built on 36x115 lot - 3000sqFt built (8500sqFt buildable and 13k buildable with CF) All tenants paying - RR below Apartment 2R, , $1600 cash. Apartment 2F, $1600 cash Apartment 1, $2775 cash 4-garages, $125+$125+$200. Basements are currently vacant but can get $1200 and $800 respectively Property comes as is $899k *CLOSED* this one took almost 2 years. Buyer in our groups got the tenants out & bought the air rights from next door & flipped the property for $2.1m as a development site even though he ASSURED us that was not his plan. Money can make even the most righteous among us spin yarns of every color — the honest man suddenly develops a talent for the plausible half-truth, the “I’d never,” the “that’s not my intention,” all delivered with a straight face and a firm handshake. No hard feelings, really — a deal’s a deal, the air rights were his to buy and the flip was his to make. Plans change the moment the deed clears. They always do — the only question is whether you saw it coming. On to the next one.
Location
📍 Bronx
🔒 The exact address and location are confidential and are released only after you sign the NCNDA and the listing broker approves your request.
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Who finances deals like this
The lenders with the most recorded development site mortgages in Bronx since 2021, from public ACRIS filings.
- Pccp Lm Manager, LLC — 3 loans, typically $8.5M–$82.13M
- Broad X Funding Ii LLC — 3 loans, typically $650K–$6.4M
- New York Institute For Human Development, INC. — 3 loans, typically $600K–$6.3M
- Bxc 1677-79 Eastburn Funding LLC — 2 loans, typically $750K–$11.3M
- Community Access, INC. — 2 loans, typically $2.68M–$2.78M
Crezly connects borrowers and lenders. Crezly is not a loan broker, does not negotiate terms, and receives no compensation contingent on any loan closing.
Underwrite this deal
Pro-forma, debt sizing against real recorded NYC leverage, cash flow, IRR and a sensitivity grid. Free account — no card.
