Westreich of Westbridge Realty brokers $3.9 million off-market sale

633 E. 186th Street - Bronx, NY

Steven Westreich, Westbridge Realty Group

Bronx, NY Westbridge Realty Group, an investment/sales firm, has completed the $3.9 million sale of 633 E. 186^th St. in the Belmont neighborhood.

This corner property is comprised of 27 apartments with a ground floor retail unit. The off-market deal sold for 9.82 times the current rent roll or $198 per s/f and $139,000 per unit.

Steven Westreich, the founder of Westbridge represented the buyer Baycrest Management and the seller, .

“With a lack of inventory in Manhattan and Brooklyn, many of our clients are turning to the Bronx where it’s still possible to get a favorable going-in yield, with long-term upside as well,” said Westreich.

Other recent Westbridge sales include:

The $2 million sale of 2 Stanwix Street in Bushwick, Brooklyn. This is a vacant mixed-use building with six apartments and two stores, totaling 3,510 s/f. It sold for $570 per s/f. Adam Traub of Westbridge represented the buyer, 2 Stanwix LLC, a local Brooklyn-based investor and Hen Vaknim of Westbridge represented the seller, 2S. “From the moment we identified this opportunity, we were in hard contract just one week later, a testament to our team’s ability to source off-market deals even in the current supply-constrained environment,” said Traub.

The $1.45 million sale of 280 Powers Street in Williamsburg, Brooklyn. The fully-occupied rental property consists of six apartments, totaling 3,750 s/f, and is located one block away from the Grand Ave. L train. It sold off-market for 18.2 times the current rent roll. Westreich represented the buyer, East Williamsburg Powers LLC and Traub represented the seller.

The $1.225 million sale of 345 Montgomery St. in Prospect Lefferts Gardens, Brooklyn. This is a bulk package of eight unsold coop rent-stabilized units. The off-market deal sold for about $158 per s/f and has a 0% cap rate. Westreich represented the buyer and the seller.

· The $1.1 million sale of a six-family house in Ridgefield, Queens that sold off-market for 21.5 times the current rent roll, or $242 per s/f. Steven Westreich represented the buyer and the seller.

· The $815,000 sale of 3830 White Plains Rd. in the Bronx. This is a mixed-use building with four, five-bedroom apartments and two ground floor stores, with a total of 7,605 s/f. The property was delivered 75% vacant, allowing the buyer to immediately capture much of the upside potential. Westreich represented the buyer, a local investor.