Massey Knakal Sells 75-Unit Mixed-Use Building In Wakefield
A mixed-use building at 666 East 233rd Street located between Carpenter Avenue and White Plains Road in the Wakefield section of the North Bronx, was sold in an all-cash transaction valued at $8,500,000.
The six-story elevator building contains approximately 63,480 square feet and sits on a 150’ x 100’ lot. It consists of seven commercial units, and 68 residential units, of which 51 are one-bedroom, 12 are two-bedroom and five are one-bedroom units. Currently, 66 of the residential units are rent regulated, one is temporarily exempt, and the final unit is occupied by the building’s super. The sale price equates to approximately $134 per square foot.
The building is situated one block from Montefiore/Our Lady of Mercy Hospital and is directly adjacent to the #2 and #5 subway lines along White Plains Road. It is also in close proximity to the Bronx Zoo, New York Botanical Garden and Van Cortland Park.
“This high traffic location offers significant rental upside as it is steps from the hospital, subway and directly off the Bronx River Parkway,” said Massey Knakal’s Karl Brumback, who exclusively represented the seller in this transaction along with Chairman Bob Knakal. The buyer was represented by Rosewood Realty Group.
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.