News:
Brokerage
Posted: August 23, 2022
Brix Real Estate Advisors sells 25,000 s/f Bronx building: $4.7m
Bronx, NY Brix Real Estate Advisors, a Westchester-based commercial real estate firm, has brokered the $4.7 million sale of a 30-unit multifamily building located at 2820 Middletown Rd. in the Pelham Bay neighborhood.
The six-story, 25,000 s/f building, consists of 27 residential, two commercial and one antenna unit. The property was purchased by the Cotaj family who owns and operates a portfolio of properties in the Bronx and Westchester County.
The sellers, Middletown Partners LLC, purchased the property in 2015 for $3.65 million.
The building, which was built in 1926, has a cap rate of 5.67%, a price per unit of $156,667 and a GRM of 10.22.
“Today’s impressive sale price is a testament to the strength of this neighborhood in the Bronx,” said Brix managing partner Matthew Barbaccia, who represented Middletown Partners, LLC. “Despite the unprecedented economic conditions of the last few years, real estate investors in the Bronx continue to seek opportunities in the rent stabilized building market.”
Tags:
Brokerage
MORE FROM Brokerage
GFP Real Estate continues leasing momentum at 322 Eighth Ave. with 9,952 s/f of transactions
Manhattan, NY GFP Real Estate closed three office leasing transactions totaling 9,952 s/f at 322 Eighth Ave. in Chelsea, highlighting continued leasing momentum at the recently repositioned office
Quick Hits
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
.gif)
August Promotion
