Massey Knakal Sells Two Apartment Buildings In Belmont
Two contiguous apartment buildings at 770 and 780 Garden Street, located between Prospect Avenue and Southern Boulevardin the Belmont neighborhood of the Bronx, were sold in an all-cash transaction valued at $8,700,000.
The six-story, elevator buildings total approximately 96,344 square feet and consist of 113 units including two three-bedroom units, 24 two-bedroom units, 66 one-bedroom units, and 21 studios. 770 Garden Street is a 52-unit building containing approximately 48,172 square feet on a 130.33’ 107.67’ lot. 780 Garden Street is a 61-unit building containing approximately 48,172 square feet on a 110’ x 100’ lot. The sale price of the two buildings equates to approximately $90 per square foot.
“Even though these properties had a troubled past and substantial deferred maintenance, the overall strength of the New York City multifamily market and lack of supply for elevator product, allowed us to sell in a competitive bidding environment for a top market price,” said Massey Knakal’s Karl Brumback, who exclusively handled this transaction with Bob Knakal and 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 4,500 transactions having a market value in excess of $17 billion.