LichtensteinRE negotiates $7,700,000 sales contract for a package of 3 Apartment Buildings in The Bronx
Riverdale, New York. (May 14th, 2014) Andrew Lichtenstein, President of LichtensteinRE, negotiated the sales contract of a package of three multifamily properties in the Bronx for $7,700,000 cash.
This portfolio consist of three walk up apartment buildings located at 1405 Rowland Street, 2220 Adams Place and 2327 Walton Place. The three properties are in excellent condition and beautifully maintained with lovely architectural ornate terracotta, tile, & marble detail. All three properties have new security systems.
The buildings contain 60 large renovated apartments with a total of 197 rooms. They are comprised of 4 studio, 39 one bedroom, 13 two bedroom and 4 three bedroom apartments. The properties have 53,423 total square feet plus 12,395 of unused developable square footage. The contract price represents $128,333 Per Unit, a $144 Per Square Foot and a Cap Rate of 7.3%. The buildings are 100% rented averaging $1,273+/- a month. “These large apartments are rented far below market value representing a huge upside potential for the future new owner to raise rents and his return on investment,” says Andrew Lichtenstein the exclusive listing broker.
The first property located at 1405 Rowland Street in Westchester Village was built in 1927. It’s a 4 story excellent condition walk-up apartment building containing 27 large apartments in 22,560 square feet.
The second property located at 2220 Adams Place in Belmont was built in 1931. It’s a 5 story walk-up apartment building containing 16 large apartments in 14,663 square feet. Belmont is also known as the famous “Little Italy of The Bronx”.
Finally, the third property located at 2327 Walton Avenue in Fordham Heights was built in 1926. It’s a 4 story walk-up excellent condition apartment building containing 17 large apartments in 16,200 square feet.
Andrew Lichtenstein exclusively marketed this transaction and represented both seller and buyer.
LichtensteinRE has been actively selling multifamily property for its clients in and around New York City.
LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, financing ability and exclusive connections with tens of thousands of potential buyers assures their selling clients the best possible price.
DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.
LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing. To learn more contact Andrew Lichtenstein at AL@LichtensteinRE.com