Marcus & Millichap sells 97-unit multifamily at 1154 Ward Ave. for $7.5 million

Bronx, NY Marcus & Millichap negotiated the sale of 97-unit multifamily property at 1154 Ward Ave. for $7.5 million.

“This sale is a prime example of continued demand for clean, well-managed rent-stabilized apartment buildings with healthy collections,” said Michael Fusco. “Regardless of any compliance and political headwinds in New York, long-term money is still finding value in the stabilized housing stock.”

Fusco, along with Seth Glasser and Benjamin Myerow, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller and procured the buyer. Both parties are local private investors.

“High-net-worth, local private families continue to win deals and deploy capital,” Fusco said.

Built in 1929, the six-story elevator building totals 90,000 s/f and is located in the Soundview neighborhood of the city. The property is near the 6 train at Elder Ave. The surrounding area is residential, with nearby schools, parks and retail corridors along Westchester Sq. and Southern Blvd.