Besen & Associates Sells Trio of Bronx Multifamily Buildings Worth $24,850,000 to Close out 2010

Amit Doshi, Executive Director, Lynda Blumberg and Hal Fuchs, both Senior Directors at Besen & Associates, have closed the sales of three Bronx apartment buildings in December. The properties are 1700 Grand Concourse, 2855 Grand Concourse, and 130 Van Cortlandt Avenue West. 

Located in the Highbridge section of The Bronx, 1700 Grand Concourse is a 13-story, 154,686 square foot elevator building with 174 apartments constructed in 1963.  At a sale price of $16 million, the metrics amounted to 8.5 GRM, 6.2% cap rate, $91,954 price per unit and $103 price per square foot.  The property was a co-exclusive with Aaron Jungreis of Rosewood Realty Group.  Lynda Blumberg procured the buyer, a local private investor with comparable multifamily holdings.

130 Van Cortlandt Avenue West is a 7-story, 37,320 square foot elevator building with 44 apartments and two stores located in the Van Cortlandt Village section of The Bronx.  The property was immaculately maintained by one single owner with very few open violations.  It was sold for $5,500,000, which equates to a 9 GRM, $125,000 price per unit, and $147 per square foot.  “The per unit price is certainly notable, if not precedent-setting for The Bronx,” stated Amit Doshi.  The property is walking distance to Van Cortlandt Golf Course and Van Cortlandt Park.  This was an off-market transaction where the brokers secured an accepted offer within one day of receiving the listing, and the sale was closed within 21 days of the contract being signed.  Hal Fuchs and Amit Doshi put the deal together. 

2855 Grand Concourse is a 45,548 square foot, 5-story walkup building with 44 apartments and one store in the Bedford Park section. It was exclusively listed with Besen and sold for $3,350,000, which equates to a 7 GRM, 7.5% cap rate, $76,136 price per unit, and $74 price per square foot.