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

Massey Knakal Sells 68-Unit Mixed-Use Building In Kingsbridge Heights

05/16/2014

A mixed-use building at 135 West Kingsbridge Road located on the northeast corner of West Kingsbridge Road and Sedgwick Avenue in the Kingsbridge Heights neighborhood of the North Bronx, was sold in an all-cash transaction valued at $10,900,000.

The six-story walk-up building contains approximately 79,000 square feet on a 179’ x 103’ lot and consists of 58 residential units and ten stores. The residential units include 31 one-bedroom, 12 two-bedroom, and 15 three-bedroom units.  The building has been very well-maintained, and the sale price equates to approximately $138 per square foot.

The property is located across from the James J. Peters VA Medical Center, within walking distance of Lehman College, and just west of the soon to be redeveloped Kingsbridge Armory.  Transportation options include the 4 train at Kingsbridge Road and Jerome Avenue, B and D trains along Grand Concourse, and various bus lines servicing the area.

“The buyer owns apartment buildings in Manhattan and Queens but this was his first Bronx apartment building purchase, demonstrating the increased attractiveness of the Bronx for investors,” said Massey Knakal’s David Simone, who exclusively handled this transaction with Karl Brumback.  “The investors were impressed with the seller’s renovations and the existing retail stores,” Simone added. 

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

05/16/2014 - 12:52

Source

Cushman & Wakefield Capital Markets Group New York

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