Myerow, Glasser and Fusco of Marcus & Millichap sell 1776 Castle Hill Ave. for $7.5 million

Bronx, NY Marcus & Millichap brokered the sale of 1776 Castle Hill Ave., an 83-unit elevator building in the Westchester Square submarket. The asset sold for $7.5 million.

“This sale reflects the continued strength of prime submarkets, where well-positioned elevator buildings remain highly sought after,” said Benjamin Myerow of the NYM Group of Marcus & Millichap in Manhattan. Myerow and Marcus & Millichap’s Seth Glasser and Michael Fusco represented the seller and procured the buyer. Owned and operated by the same family, the property was offered for sale for the first time in 30 years.

“Buyer appetite for stable multifamily assets in the Bronx and greater Manhattan remains strong, even in the face of broader negative national sentiment,” said Fusco. “This property was sold to a buyer completing a 1031 exchange from outside New York City.”

Located on Castle Hill Ave. between Zerega and Westchester Aves., the building is near from the Zerega Avenue 6 Train station and Westchester Square Medical Center. Built in 1936, the six-story, 78,000 s/f is on 0.45 acres with a unit mix of 15 studios, 54 one-bedroom units, 13 two-bedroom units and one three-bedroom unit. 

“Despite shifting legislation and negative headlines, investors continue to focus on long-term growth in the Bronx, where strong rent rolls and recent capital improvements are drawing serious capital,”said Glasser.