Doshi and Torres of Besen sell 1485 Macombs Road for $5.62 million

Bronx, NY Besen & Associates arranged the sale of 1485 Macombs Rd. in the Mount Eden section of the borough for $5.62 million. Amit Doshi represented the seller and Richard Torres procured the buyer. The subject property is a 6-story elevator apartment building with 49 apartments and 43,000 s/f. It is an Art Deco building, constructed in 1937 and occupies a 139’ x 108’ irregular-shaped lot. It is located at the corner of Cromwell Ave., and also has frontage on West 172nd St., walking distance to the 170th St. (#4) subway stop. The building underwent a number of capital improvements prior to the sale, including a conversion to gas, elevator upgrade, and a new roof installation. There are two J-51 tax abatements left on the property, which will burn off within four years. There are significantly under-market rents in place, with the average rent per unit per month at $964 and average rent per room at $362. The sale price of $5,620,000 equates to a gross rent multiplier (GRM) in excess of 10, $115,000 per unit, $130 per square foot and a 5.5% capitalization rate.