Doshi, Blumberg and Fuchs of Besen sell trio of Bronx multifamilies - $24.85 million: Includes the $16 million sale of 1700 Grand Concourse, a 13-story, 154,686 s/f elevator building

Amit Doshi, executive director, Lynda Blumberg and Hal Fuchs, both senior directors at Besen & Associates, have closed the sales of three apartment buildings totaling $24.85 million. The properties are 1700 Grand Concourse, 2855 Grand Concourse, and 130 Van Cortlandt Ave. West. Located in the Highbridge section, 1700 Grand Concourse is a 13-story, 154,686 s/f elevator building with 174 apartments constructed in 1963. At a sale price of $16 million, the metrics amounted to 8.5 GRM, 6.2% cap rate, $91,954 price per unit and $103 price per s/f. The property was a co-exclusive with Aaron Jungreis of Rosewood Realty Group. Blumberg procured the buyer, a local private investor with comparable multifamily holdings. 130 Van Cortlandt Ave. West is a seven-story, 37,320 s/f elevator building with 44 apartments and two stores located in the Van Cortlandt Village section. It was sold for $5.5 million, which equates to a 9 GRM, $125,000 price per unit, and $147 per s/f. "The per unit price is certainly notable, if not precedent-setting for The Bronx," said Doshi. This was an off-market transaction where the brokers secured an accepted offer within one day of receiving the listing, and the sale was closed within 21 days of the contract being signed. Fuchs and Doshi put the deal together. 2855 Grand Concourse is a 45,548 s/f, five-story walk-up building with 44 apartments and one store in the Bedford Park section. It was exclusively listed with Besen and sold for $3.35 million, which equates to a 7 GRM, 7.5% cap rate, $76,136 price per unit, $74 price per s/f.