Jordan of Northeast Private Client Group arranges two sales totaling $3.39 million

Investment sales broker Northeast Private Client Group has arranged the sale of 34 Pier St., Yonkers and 137 East 233 St., Bronx totaling $3.39 million. Edward Jordan, JD, CCIM, the firm's managing director, led a team of agents based in White Plains that represented the sellers and buyers. "The success of these transactions are proof positive of our commitment to relationship-based brokerage," said Jordan. "With our relationships and market expertise across the region, we identified the buyers best suited to these specific investment opportunities." The 34-unit multifamily property at 34 Pier St. in Yonkers sold for $2.4 million in a transaction assisted by Steven D'Ambrosio, an associate in the firm's White Plains office. The price equates to $70,588 per unit, which represents a gross rent multiplier of 7 and a capitalization rate of 6.5%. A planned conversion from oil- to gas-fuel heat will reduce operating costs and increase yield for the new owners. The seller, King David Management of New Rochelle, intends to focus on commercial properties and larger multifamily opportunities moving forward. The buyer is a private New York-based investor. The 8-unit mixed-use property at 137 East 23 St., Bronx, NY, sold for $990,000 in a transaction assisted by Anthony Watkins, senior associate in the firm's White Plains office. The price equates to $123,750 per unit, which represents a gross rent multiplier of 8.8 and a capitalization rate of 7.4%. Planned capital improvements and repositioning of the commercial unit will increase yield for the new owners. The seller, Melnychuk Family Trust of Bronx sold the asset for estate planning purposes. The buyer is a private New York-based investor.