Bronx, NY Ariel Property Advisors has arranged the sale of 1130-1134 and 1142 Bryant Ave. for $5.85 million. The three building, 24-unit multifamily assemblage is located in the Foxhurst neighborhood, on the east side of Bryant Ave. between East 167th St. and West Farms Rd. The team that brokered the sale was led by Jason Gold, director, investment sales, and included Shimon Shkury, president; Daniel Mahfar, director, investment sales; and Oliver Elihu, associate, investment sales.
“This assemblage in the South Bronx presented a rare opportunity to acquire three occupied properties with scale and a steady cash-flow,” said Gold. “This is a rapidly growing area of the Bronx in a strong multifamily market, and we are continuing to see a high level of activity here.”
The renovated 1130-1134 Bryant Ave., occupied by a for-profit organization with a triple net lease, consists of two contiguous, four-story multifamily walkup buildings totaling 16 units across 11,466 s/f. The properties contain five three-bedroom apartments and three four-bedroom apartments, with both buildings falling under the J-51 Tax Exemption, expiring in 2024 and 2041, and the J-51 Tax Abatement, expiring in 2029 and 2040. 1142 Bryant Ave., a four-story, 5,696 s/f multifamily building, consists of five three-bedroom apartments and three four-bedroom apartments. All three buildings exist under Tax Class 2B, which provides investors a limitation on future tax increases.
“The South Bronx continues to be a popular area for investment sales,” said Mahfar. “The growth in property values over the past several years has been nothing short of ascendant and, in the midst of current uncertainty, continues to show strong potential, particularly in this asset class.”
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