News:
Brokerage
Posted: October 16, 2020
Jungreis of Rosewood Realty closes $11.5 million multifamily sale in the Bronx
Bronx, NY Rosewood Realty Group closed the $11.5 million sale of a six-story, 80-unit apartment building in the Fordham Heights neighborhood. The 74,580 s/f elevator building at 2055 Anthony Ave., sold for 10 times the current rent roll, at a CAP rate of 6%. The rent-stabilized building was built in 1920 and also features 30,800 s/f of air rights and a superintendent’s apartment in the basement.
Rosewood’s Aaron Jungreis represented both the seller, the Morgan Group and the undisclosed buyer.
“This sale marks our 10th sale in the Bronx so far this year,” said Jungreis, who added he is seeing a renewed interest in the Bronx. “This building was well maintained for the past 10 to 20 years so the buyer has very little capital improvements to do. Also the rents are relatively low to start with, so collections have been pretty strong, making it a good investment for the buyer.”
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
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
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.
.gif)
September Promotion
