Investment Property Realty Group closes $2.326 million sale of multi-family 1684 Banyer Place

Bronx, NY Investment Property Realty Group (IPRG) closed the sale of 1684 Banyer Place, a multi-family building located in the Soundview neighborhood, for $2.326 million.

The transaction was negotiated by Steve Reynolds, Brian Davila, John Loch and Carson Brantley, who represented the seller, Mario Jacovino, and the buyer, Ronald Kandov.

The property consists of three contiguous buildings comprising 18 apartments. Developed by ownership nearly 20 years ago, the buildings benefited from a 15-year 421-a tax exemption. The seller ultimately decided to redeploy capital as the properties faced rent restrictions, an expiring tax benefit and rising property taxes of approximately $128,000 annually.

Ownership exclusively retained IPRG based on the firm’s recent Bronx sales and multifamily expertise. Despite challenges including rent stabilization, tenant arrears and increasing property taxes, IPRG implemented a targeted marketing strategy that generated several competitive offers while highlighting the property’s long-term value-add potential.

The transaction closed within 60 days of contract signing, demonstrating IPRG’s ability to navigate complex New York City regulations, identify value in challenging multifamily assets and execute efficiently.