Lala of Marcus & Millichap brokers $21.65 million sale of 96-unit apartment

Bronx, NY Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of 1514 Sedgwick Ave., a 13-story, 96-unit apartment building. The $21.65 million sales price equates to more than $225,500 per unit. “This was a strategic investment in the West Bronx that capitalizes on the location’s proximity and direct access to Manhattan, which have been enhanced by the recent re-opening of historic High Bridge, the city’s oldest standing bridge,” said Marco Lala of Marcus & Millichap’s Manhattan office. “The 1514 Sedgwick Ave. property was built in 2007 and has a 25-year 421a tax abatement. The buyer assumed two New York Housing Development Corp. loans with a combined interest rate of less than 5% that are locked in for more than 20 years,” Lala said. “It would be impossible to beat these terms with conventional financing.” Lala represented the seller, Leslie Lerner of LAL Properties and procured the buyer, Martin Kirzner of Sharp Management in Brooklyn. The property is located on the east side of Sedgwick Ave., north of the Washington Bridge and the Cross Bronx Expressway. Completed in 2007, the building consists 72 two-bedroom/two bath apartments, 23 one-bedroom units and one studio. There are 72 terraces that overlook the Harlem River and High Bridge Park. The property features a 20-ft. high lobby atrium with two elevators; an advanced video intercom and messaging system; 60 parking spaces; laundry facilities on every floor; a patio/barbecue area, and a rooftop natural gas generator for backup power during emergencies.