Bronx, NY Ariel Property Advisors has closed the sale of 622-624 East 169th St., a 53 ft. wide, five-story multifamily building spanning 25,790 s/f. Located on the south side of East 169th St. between Franklin Ave. and Boston Rd.in the Morrisania section of the borough, the walk-up building sold for $4.2 million, or $200,000 per unit.
The property’s unit mix consists of 21 four-bedroom apartments that are currently operating at $17 per s/f.
Exclusive agents Jason Gold, Scot Hirschfield, Marko Agbaba, and Victor Sozio represented the seller, a private investor.
“622- 624 East 169th St. presented investors with a steady cash flowing opportunity in an emerging area of the South Bronx,” said Jason Gold, vice president at Ariel Property Advisors. “Additional upside comes from the property’s mixed-use zoning, which offers the potential conversion of the ground floor for retail use.”
The property is located near the Metro North station on East 162nd Street and Park Avenue. Alternate train access also includes the 2 & 5 trains located on the corner of Freeman Street and Southern Boulevard as well as the B & D trains at the 167th Street Station.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
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