Massey Knakal Sells Senior Note Collateralized By 490 Bronx Apartments
Massey Knakal Realty Services has closed on the sale of a senior note collateralized by two large apartment buildings located at 530-540 East 169th Street at the corner of 169th St and Third Avenue, and 480 East 188th Street at the corner of 188th Street and Washington Avenue in the Bronx. The note was sold in a transaction valued at $31,000,000.
530-540 East 169th Street, also known as the Robert Fulton Terrace, is a 17 story building which has over 400’ of frontage on Third Avenue and 266’ of frontage on East 169th Street. 480 East 188th St, also known as the Fordham Towers, is a 15 story, block-through corner property with 248’ of frontage on East 188th St and 194’ frontage on Washington Avenue. These buildings contain a total of approximately 434,000 gross square feet. Both buildings are elevatored and have a combined total of 490 residential units, 1 commercial unit, and 258 parking units.
“This was a complicated transaction given the dynamics of the assets and how long the note was in default but, ultimately, the buyer was able to work their way through this quagmire to structure a smart acquisition,” said Massey Knakal Chairman, Bob Knakal, who handled this transaction exclusively with First Vice President of Sales, David Simone.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.