Bronx, NY Friedman Roth Realty Services has handled the sale of an exclusively listed property at 3176 East Tremont Ave.
The property is a 86’ x 80’ property with a one-story funeral home with parking which was delivered vacant. The property had much potential to rent to one or multiple commercial tenants or be built up to 6,800 s/f of commercial building or slightly more if medical or community facility.
The original asking price was $1.55 million. Michael Guarino, Sr. handled the marketing of the property, which ended up selling for $1.3 million ($191 per buildable s/f). The deal closed on September 14th 2018.
Michael Guarino, Sr., was hired as the exclusive listing agent for the seller, and his son Richard Guarino, a partner at Friedman Roth Realty Services, procured the purchaser.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,