LichtensteinRE Provided Key Assistance to Aid the Sale of a Package of Two Apartment Buildings in The Bronx, New York
Riverdale, New York. (December 28th, 2015) Andrew Lichtenstein, President of LichtensteinRE, provided key assistance to aid the sale of a package of two multifamily properties in the Bronx.
This portfolio consisted of two five story walk up apartment buildings located at 974 Anderson Avenue and 10452 & 1920 Loring Place, containing 20 apartments with a total of 12,000 square feet. The actual average for monthly rent is only $879 but after upgrading the apartments rents could go up to $1,900 a month.
LichtensteinRE had been hired exclusively by the seller to sell his properties. Unfortunately the seller passed away before marketing could even begin. “The properties were in an extreme state of disrepair and the previous landlord had been jailed for not clearing more than 300 hundred violations. The new buyer understood the great potential of renovating these large apartments that are now rented well below market value. After he realizes the full potential revenue potential of these buildings, his return on investment will be even greater,” Andrew Lichtenstein the exclusive seller’s broker said.
The first property located at 974 Anderson Avenue between 163 and West 164th Streets was built in 1908. It’s a 5 story walk-up apartment building containing 8 large four bedroom apartment and One two bedroom with a total of 12,160 square feet. According to the seller, the scheduled rental income may have been as high as $175,000. The property is in the High Bridge neighborhood in Bronx, a super desirable location near the new Yankee Stadium.
The second property located at 1920 Loring Place South between 179th Street and West Burnside Avenue, was built in 1915. This 5 story walk-up apartment building, contains 10 3 bedroom apartments plus 2 bedroom apartment in the basement in 14,400 square feet. According to the seller, the scheduled rental income may have been as high as $58,200. The property is located in the University Heights section of The Bronx.
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