Lala of Marcus & Millichap arranges the sale of 17-unit apartment building for $1.418 million

Marcus & Millichap Real Estate Investment Services, one of the nation's largest real estate investment services firms, has arranged the sale of 1661 Topping Ave., a 17-unit apartment property, according to J.D. Parker, regional manager of the firm's Manhattan office. The asset sold for $1.418 million. Marco Lala, from Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Lala. "For this particular building, it was the first sale in 47 years and it sold at approximately 95% of the asking price," said Lala. The four-story walk-up is located in the Tremont/Mount Eden neighborhood of the Bronx. The property's key features include: a well maintained rubber roof, new front steps, steel and marble stair case, replacement windows, copper plumbing, gas meters in the basement, and circuit breakers throughout. "The well maintained South Bronx property was the very first property acquired by the patriarch of the family in 1966," adds Lala. "The family has been divesting and buying larger properties in the North Bronx, as well as Westchester."