Jordan of NPCG completes $2.4 million sale of 34 Pier Street

Investment sales broker Northeast Private Client Group (NPCG) arranged the sale of Pier Street Apartments, a 34-unit apartment building located at 34 Pier St. Edward Jordan, JD, CCIM, the firm's managing director, represented the seller and the buyer in the $2.4 million transaction. Jordan was assisted by Steven D'Ambrosio, an associate in the firm's White Plains, NY office. The Pier Street Apartments is a well situated four-story brick walk-up built in 1922, comprising a mix of studio, one-bedroom and two-bedroom floor plans. The NY-based buyer purchased the property for a price that equates to $70,588 per unit, which represents a gross rent multiplier of 7.0 and a capitalization rate of 6.5% on current net operating income. The seller, King David Management of New Rochelle, NY, intends to focus on commercial properties and larger multifamily opportunities moving forward. "The success of this transaction is the result of our relation-based approach to investment sales," explains Edward Jordan, JD, CCIM, the firm's managing director. "With our regional brokerage platform, we were able to identify the right buyer for this off-market assignment and close the deal."