Bronx, NY Marcus & Millichap has completed the following two sales, totaling $9.36 million:
• 2886 Briggs Ave.: A 31-unit apartment property sold for $4.96 million. Marco Lala, Jack Lala and David Raciti of Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private trust and then procured the buyer, a limited liability company. The team achieved nearly $2 million profit in sale since the property was purchased less than two years prior to listing with the firm.
“Although encumbered with rent stabilized units, buildings with low rents are still very desirable in anticipation of increasing demands,” said Lala. “At almost thirteen times the rent roll, we achieved a top of the market price for this mid-block, six story walkup in the Bedford Park area of the Bronx.”
This professionally managed property is situated on the east side of Briggs Ave., south of East 199th St. “Even though the South Bronx is getting all the press… the North Bronx is as strong as ever! The Bronx Market is at an all-time high,” said Lala.
• 115 Division St., Manhattan: A 10-unit apartment property sold for $4.4 million. John Stewart, James O’Leary, Dylan Torey, Nicholas Biedron, Michael Sadowsky and Alan Stenson from Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and procured the buyer, a limited liability company. The subject comprises eight residential and two commercial units. Of the residential units, seven are one-bedroom and rent stabilized and one unit is a market-rate three-bedroom, two-bath unit.
“This neighborhood is quickly gentrifying and investors are finding they can purchase properties for lower price per s/f than more core Manhattan neighborhoods,” said O’Leary. “This part of the Lower East Side remains attractive to investors who can still find a decent deal even at this point in the market cycle. Store and apartment rents have continued to move up, and buildings are still a relatively good value compared to other downtown neighborhoods.”