Jungreis and Steinmetz of Rosewood Realty Group broker $3.6 million sale of 51,900 s/f building

Rosewood Realty Group closed on the $3.6 million sale of a 50-unit, six-story elevator multifamily building at 5 East 196th St. in the Kingsbridge Heights section. This is the 19th building Rosewood has sold this year. The 51,900 s/f building was contracted within three weeks and sold within 60 days at six and a half times the rent roll. Rosewood Realty Group's Aaron Jungreis and Mark Steinmetz represented the buyer, the Morgan Group and the undisclosed seller. "This deal offers the purchaser great stability for a long term investment given the property's excellent proximity to shops and transportation in this solid Bronx neighborhood," said Steinmetz, who joined Rosewood in March, and has since closed three deals. This summer Rosewood signed seven other multifamily/retail deals: a $30 million and an $8 million deal in Queens; a $4.8 million deal in Brooklyn; a $2.5 million deal in the Bronx, a $5.5 million in Manhattan , a $600,000 multifamily deal in Connecticut and a $2.5 million retail sale in Westchester. Rosewood Realty Group was founded in 2007 by Jungreis, one of the most active commercial brokers in the industry and among the top producers in the city. Jungreis was awarded Co-Star's "Power Broker of the Year" award twice, closing over $1 billion in deals in 2007. Rosewood's areas of expertise are multifamily, retail and office buildings, with activity focused in New York, New Jersey, Connecticut and Florida.