Bronx, NY Capital Property Partners negotiated the sale of a development site located at 215 East 163rd St. and 941 Sherman Ave. in the Concourse Village neighborhood. The property consists of two adjacent lots that have 5,317 s/f in total land area. The lots are zoned for 18,290 buildable s/f with potential to increase to 25,521 buildable s/f with the facility bonus. The sale price was $1.2 million.
Rafael Khojany acted on behalf of the buyer, with Roni Soleimani representing the seller.
Ownership plans to develop a building with 23 units including a community facility on this site. The subject is located near Yankee Stadium and Concourse Plaza.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,