News:
Brokerage
Posted: August 9, 2022
Brix Real Estate Advisors deliver $4.7 million multifamily property sale
New York, NY Brix Real Estate Advisors, a Westchester-based commercial real estate firm, has successfully brokered the $4.7 million sale of a 30-unit multifamily building located at 2820 Middletown Rd.
The six-story, 25,000 s/f building, consists of 27 residential, two commercial and one antenna unit. The property was purchased by the Cotaj family who owns and operates a portfolio of properties in the Bronx and Westchester County. The sellers, Middletown Partners LLC, purchased the property in 2015 for $3.65 million.
The building, which was built in 1926, has a cap rate of 5.67%, a price per unit of $156,667 and a GRM of 10.22.
"Today's impressive sale price is a testament to the strength of this neighborhood in the Bronx," said Brix managing partner Matthew Barbaccia, who represented Middletown Partners, LLC. "Despite the unprecedented economic conditions of the last few years, real estate investors in the Bronx continue to seek opportunities in the rent stabilized building market."
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
Quick Hits
 (2).gif)
Columns and Thought Leadership
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Positive forecast for New York’s pro-housing push? - by Philip Butler
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
.gif)
September Promotion
