Alpha Realty
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Brokerage
Posted: January 9, 2018
Mavashev and Schwartz of Alpha Realty broker two off-market transactions in the Bronx totaling $9.6 million
Alpha Realty
Alpha Realty
Bronx, NY Alpha Realty has completed the sale of 735 East 182nd St. and 833 Longfellow Ave. totaling $9.6 million. Lev Mavashev and senior associate Scott Schwartz handled the off-market transactions.
833 Longfellow St., a 26-unit walk-up building in the Hunts Point section, sold for $5.875 million, achieving a 12x gross rent multiple and 6.5% rate. While 735 East 182nd St., a 21-unit walk-up building in the Belmont section, sold for $3.7 million achieving a 10.5x gross rent multiplier and 6.2% cap rate.
“Every day, I am fielding more and more inquiries from investors about properties in Bronx. There is still great potential value out there despite the recent run-up in prices.” said Mavashev.
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