Shafran, Algan and Benatar of Citicore complete $14.975 million sale

Bronx, NY Citicore LLC has completed $14.875 million sale of a mixed-use building portfolio with 101 residential units and seven stores.

The two pre-war buildings total 81,174 s/f and include:

• A seven-story elevator 67-unit building located at 340 East 184^th St. with two commercial stores located in the Fordham Heights section off the Grand Concourse; and

• 899 East 169^th St. in the Foxhurst neighborhood of the Bronx. It is a five-story walkup 34-unit building with five stores.

Citicore managing partners Timour Shafran and Gem Algan brokered the deal along with colleague Steven Benatar.

Citicore represented both the buyer, Steven Satz, a local investor, and the seller, Semper Fi Management 7 Corp. and

Cavan Properties. According to Shafran,  the  portfolio sold for 11 times the current rent roll and has a 4.9% cap rate.

“Satz  plans to hold on to the buildings and improve the properties for increased cash flow,” said Shafran. “The buyer owned seven Bronx buildings and he sold six of them to purchase these two larger ones,” said Shafran, who has acted as Satz’s advisor over the last four years, helping him to grow his real estate holdings in the Bronx. Citicore also manages all of Satz’s buildings.

“We researched and picked all right properties and helped him go from owning small buildings to much larger ones,” said Shafran, who first met Satz while working out in a Long Island gym owned by Satz near Shafran’s home. Satz, who is a personal trainer by trade, is the owner of Hard to Hold Physique Training in Great Neck.