Cushman & Wakefield Sells Multifamily Building in Bedford Park
A multifamily building at 2886 Briggs Avenue, located between East 198th and East 199th Streets in the Bedford Park neighborhood of the Bronx, was sold in an all-cash transaction valued at $3,050,000.
The six-story walkup building contains approximately 30,425 square feet and sits on a 50’ x 125’ lot. It consists of 31 residential units, of which 20 are one-bedroom and 11 are two–bedroom units. The sale price equates to approximately $100 per square foot.
The building is located along a quiet, tree-lined street in the desirable Bedford Park neighborhood. It is just off the Grand Concourse commercial corridor, across from Academy of Mt. St. Ursula, and blocks from the New York Botanical Garden. The property is conveniently located between the Botanical Garden Metro-North train station, the Bedford Park B and D station, and the Bedford Park Boulevard #4 station. Express and local bus lines service the area as well.
“This property’s rents were well below market and the building needed work, making it perfect for experienced operators with the willingness to undertake the major renovations, file MCIs, and reposition the building,” said Cushman & Wakefield’s Karl Brumback, who exclusively handled this transaction. “The in-place cap rate was well under 5%. We had a stampede with over 25 offers in under three weeks as deals at $100,000 per unit with upside are rare in this market,” said Karl Brumback.