Fuchs & Doshi Sell University Heights Apartment Building

Hal Fuchs, Senior Director, and Amit Doshi, Executive Director of Besen & Associates have recently sold 2073 Davidson Avenue in The University Heights section of The Bronx. It sold for $2,035,000, or the equivalent of 7.1 gross rent multiplier, $65,300 per unit and $77 per square foot. The property is a 1923 construction, 5-story walkup apartment building with 32 units. The building sold in good condition, with little deferred maintenance. The average rent per apartment is $762 and average rent per room is $208. The purchaser reportedly got 75% financing for the acquisition of the asset. Attorney Seymour Hurwitz represented the purchaser, and Wayne Lopkin represented the seller in this transaction.