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

Masssey Knakal Sells Five Properties In The Bronx

01/09/2014

Four multifamily properties and a development site have beensold in all-cash transactions with an aggregate value of $7,210,000.  The properties are located at 995 East 181st Street, 1024-1026 White Plains Road, 786 East 149th Street, and 340-342 East 148th Street in the Bronx. 

995 East 181st Street, located on the corner of Bryant Avenue and East 181st Street in Bronx Park South, is a five-story walkup multifamily building. It consists of two ground floor retail units and 24 large residential units. “This being the first sale in 26 years, the building has been well-managed and cared for under long-term ownership,” said Massey Knakal’s Nicholas Burns, who exclusively handled this transaction. It was sold in an all-cash transaction valued at $2,285,000 with the sale price equating to approximately $88,000 per unit.

1024-1026 White Plains Road, located between Bruckner Boulevard and Watson Avenue in Soundview, is an approximately 22,140 square foot development parcel.  It was delivered vacant, is zoned C2-1 / R5 and consists of three separate tax lots, which combine as a 200’ x 110’ irregular lot.  “Located just north of the Bruckner Expressway the property benefits from high visibility and traffic, and lies in direct proximity to multiple national retailers,” said Nicholas Burns, who exclusively handled this transaction. The property was sold in an all-cash transaction valued at $1,950,000, with the sale price equating to approximately $88 square foot.

786 East 149th Street, located between Wales and Tinton Avenues in Mott Haven, is a four-story walk-up apartment building.  It contains approximately 13,000 square feet on a 50’ x 75’ lot and features 17 large residential units. “Buyer attention for this asset was intense given its strong South Bronx location, good condition and in-place 8.5% cap rate at asking price,” said Nicholas Burns, who exclusively handled this transaction with Andrew Essick.  The property was sold in an all-cash transaction valued at $1,500,000 with the sale price equating to approximately $88,235 per unit.

340-342 East 148th Street, located between Courtlandt and College Avenues in the HUB section of the Bronx, are two adjacent four-story walk-up apartment buildings.  They combine for approximately 14,256 square feet with 17 large residential units. “We extensively marketed this property in three weeks and had it in contract within the first month.  The buyer owns similar buildings in the Bronx,” said Massey Knakal’s David Simone, who exclusively handled this transaction with Nicholas Burns and Andrew Essick.  The buildings were sold in an all-cash transaction valued at $1,475,000 and the sale price equates to approximately $87,000 per unit.  

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.

www.masseyknakal.com

01/09/2014 - 10:26

Source

Cushman & Wakefield Capital Markets Group New York

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