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Brokerage
Posted: December 13, 2010
Guarino of ERG Property Advisors negotiates $2.65 million sale in the Bronx
ERG Property Advisors LLC completed the sale of 1022-1024 Walton Ave. This property is a six-story elevator apartment building containing 26 apartments and four stores located on the SE corner of Walton Ave. and East 165th St., two blocks from Yankee Stadium. The $2.65 million price represents $85 per s/f, $76,000 per unit, 6.5 times the gross rents and 9% cap rate. The property was exclusively marketed by ERG Property Advisors.
Bruce Yukelson of Wolfe and Yukelson was the attorney for the seller, and Yaron Kornblum of Rivkin, Radler LLP was the attorney representing the purchaser.Richard Guarino, managing director and founding partner of ERG Property Advisors, was hired by the private seller as the exclusive broker and negotiated both sides of this transaction.
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