Bronx, NY Rosewood Realty Group recently closed two large multifamily deals valued at over $60 million.
Aaron Jungreis, Rosewood Realty GroupThe larger deal, valued at $35.8 million, is a five multifamily building sale in Fordham Manor, with a combined total of 194,944 s/f. The buildings which include: 2489 Morris Ave., 1225 Sherman Ave., 2101 & 2499 Grand Ave. and 1900 Grand Concourse, were built between 1922 and 1937.
The five properties sold for 12 times the current rent roll and has a 5.1% cap rate. On this deal, Aaron Jungreis represented both the buyer, which consisted of several real estate entities and the seller.
On the second deal, Rosewood closed a $25 million sale of a 12-story elevator apartment building at 3555 Bruckner Blvd. in Pelham Bay. The 112,000 s/f building features 142 residential units and 35 indoor resident parking spaces. The building, with 35 studio apartments and 107 one bedrooms, was built in 1960.
The property sold for 13 times the current rent roll and has a 4.5% cap rate. Jungreis also represented both the seller, Bruckner Realty LLC and buyer, 3555 Bruckner LLC., a Canadian family.
So far for 2016, Rosewood Realty has closed 18 deals in the Bronx, for a total of 52 buildings worth over $414 million. They also have an additional 20 more Bronx buildings in contract so they will have sold almost 80 buildings in the Bronx this year.
“We are doing many deals with multiple offers and bidding wars on all Bronx deals and there are some first time buyers who are really stepping up,” said Jungreis who said many of the new buyers are from Brooklyn and Manhattan. “They see the Bronx as a viable alternative to get a better cash return and of course the 1031 market contributes to the resurgence.”
