Doshi of Besen & Associates brokers sale of two Bronx buildings for $10.75 million; properties total 58,125 s/f–61 units and five stores

 

 

Bronx, NY According to Besen & Associates, the firm completed the sales of 1427 and 1475 Taylor Ave. in the Parkchester neighborhood. Amit Doshi represented both parties in this transaction.

Built in 1930, the properties are two five-story apartment buildings, with 61 units, five stores and 58,125 s/f. Both properties were acquired for $10.75 million, which equates to 11.3 GRM, $176,240 PPU and a 5.1% cap rate.  

“Back in 2003, today’s purchaser flipped those buildings as part of a 6 building package to the seller. Now in 2017, the same seller sold two of these buildings to the purchaser. A deal so good it couldn’t get out of their hands, at least not yet,” said Doshi.

Parkchester is the Stuyvesant Town Peter Cooper Village of the Bronx; it was originally built to house the WWII veterans and their family. Later on, part of the complex was converted into condominiums that represent 50 groups of buildings. Today, residents still praise the 130 acres complex because of the tight community that was created from the beginning.  

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. For more information, visit http://www.besengroup.com/ .