629 Faile Street

Hunts Point

$5,250,000
Price
16
Beds
16
Baths
12,172 Sq. Ft.
$431 / Sq. Ft.
12,172
Sq. Ft.
$431
per Sq. Ft.

Description

Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings. Each building is a mirror of the other, with six 1-bedrooms, and 2 studios. 1-bedrooms range in size from 598-790 SF, and studios range in size from 352-375 SF. 3 units from each building will be restricted to 120% AMI* of the area (moderate income), which allows the building to run tax free for 35 years.
Annual Net Income is roughly $260,000+, giving the properties a
...Currently under construction, this side by side development offers the investor the flexibility to purchase one or both buildings. Each building is a mirror of the other, with six 1-bedrooms, and 2 studios. 1-bedrooms range in size from 598-790 SF, and studios range in size from 352-375 SF. 3 units from each building will be restricted to 120% AMI* of the area (moderate income), which allows the building to run tax free for 35 years.

Annual Net Income is roughly $260,000+, giving the properties a 5% cap rate. Expected completion May 2020. The properties are built in an Opportunity Zone, and owner is willing to transfer tax benefits to the purchaser.

Brokers collect your commission from your buyer.

*Due to the current market of the Hunts Point area, 120% AMI is slightly above market rate. According to the NYC HPD website, 120% AMI allows for studios to be rented for $1,866 and 1 beds for $2,342, which is above the current Hunts Point Market.

Listing Agent

  1. Jason Christie

    Jason Christie

    Listing Agent

    Compass

Amenities

  • Walk Up

Location

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LISTING UPDATED: 08/19/2020 11:17 AM

Property Details for 629 Faile Street

StatusPermanently Off Market
Days on Market52
Taxes-
Maintenance-
Min. Down Pymt-
Total Rooms28.0
Compass TypeMulti Family
MLS Type-
Year Built2020
Lot Size-
CountyBronx County

Location

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Building Information for 629 Faile Street

Stories4Residences16Year Built2020Building Size-Lot Size-Building Age-Building Type-Senior Community-

Payment Calculator

$29,235 per month

30 year fixed, 7.25% Interest

Principal and Interest

$28,651

Property Taxes

$584

Maintenance/Common Charges

$0

The Payment Calculator is for illustrative purposes only.

Property History for 629 Faile Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 629 Faile Street

Taxable ValueLand$57,150Additions-Total$57,150
Tax Record2021$7,011 ($584 / month) Tax Class2BTax Rate12.267%
Home Facts
Total Finished SqFt6,086 SqFtLot Size2,500 SqFtYear Built2019ZoningR6APN2027660022

Schools near 629 Faile Street

This home is within New York City Geographic District # 8.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
P.S. 48 Joseph R Drake
PublicPK to 5

The Hunts Point School
Public6 to 8

Bronx Arena High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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