Doshi and Blumberg of Besen complete $19.2 million sale of 93,767 s/f Bronx building

Amit Doshi, Besen & Associates

3873 Orloff Avenue - Bronx, NY

Lynda Blumberg, Besen & Associates

Bronx, NY According to Besen & Associates, the firm has completed  the sale of 3873 Orloff Ave., a 7-story, 93,767 s/f residential building with 90 apartments and a 56-car garage, located in the Van Cortlandt Village neighborhood.

Amit Doshi and Lynda Blumberg of Besen completed the deal. The building sold for $19.2 million. The price per s/f of the property amounts to $203, the price per unit is $211,000, capitalization rate of 4.8% and a gross rent multiplier of 12.8.

Built in 1964, the asset has 93,767 s/f and has two elevators.

Located between West 238th Street and Van Cortlandt Avenue West, 3873 Orloff Avenue is situated in a cul-de-sac and on a hill, in close proximity to Riverdale. It is close to the #4 subway stop, Lehman College, and Van Cortlandt Park. It was sold by a private individual investor, who owned only this property. He had previously acquired the property in 1994 for $1 million.

“This is unquestionably a shining example of capital appreciation for The Bronx,” said Doshi. “Quality asset, excellent North Bronx location…the seller was rewarded for his patience.” Blumberg said, “Many of the 1960’s construction buildings in this area and on Orloff have already been converted to co-ops, which speaks to the strength of this location.

3873 Orloff Ave. is built on a 150’ x 115’ lot, with apartment layouts (by room count) including 14/2, 29/3, 34/4, 14/5. There is a lower level with an indoor garage for 56 cars, a full basement with windows in the rear which could be converted to residential or commercial space.

Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients