Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Cushman & Wakefield Sells 60-Unit Apartment Building in Kingsbridge Heights

03/13/2015

An apartment building at 2523-25 University Avenue, located between West 190th and West 192nd Streets in the Kingsbridge Heights neighborhood of the Bronx, was sold in an all-cash transaction valued at $9,000,000.

Built in 1922, the five-story property has a two-wing configuration with access via a gated, tree-lined outdoor entranceway.  It contains approximately 58,585 square feet and sits on a 150’ x 141’ lot.  It consists of 60 apartments, of which 40 are one-bedroom, 11 are two-bedroom, and nine are three-bedroom units.  The building has been under current ownership for over 35 years and is exceptionally well-maintained.  Recent improvements include replacement of roof down to beams, conversion to dual fuel, new electric meters in basement, and recent repointing.  About 75% of the apartments have been renovated with removal of window/door trims, sheet rocking of walls, electric service upgraded, wood-plank floors and new kitchens.

The property is located adjacent to the VA Hospital and in close proximity several retail corridors including West Kingsbridge and Fordham Roads.  It is a short walk to the #4 train at Jerome Avenue.

“This building represented the pride of long-term ownership with virtually no deferred maintenance and no corners cut with unit renovations,” said Cushman & Wakefield’s Karl Brumback, who exclusively handled this transaction. “New ownership hopes to continue this level of care and further advance the property as the neighborhood continues to emerge with the soon to be redeveloped Kingsbridge Armory taking shape,” Brumback continued.

03/13/2015 - 19:00

Source

Cushman & Wakefield Capital Markets Group New York

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