Zar of Moonlight Management leads investors to acquire 12,695 s/f property in The Bronx for $2.16 million

Bronx NY A group of investors, led by Ryan Zar of Moonlight Management LLC have acquired  ??311 East 188^th St. for $2.16 million.

The subject property is a 12,695 s/f multifamily building located on the corner of East 188^th St., adjacent to Fordham Rd. It contains 11 apartments with an average unit size of 1,000 s/f as well as 38 ft. of frontage.

According to public records, the price equates to a gross rent multiplier of 10.6x, $170 per s/f, and $180,000 per unit.

The property is located close to the B and D subway lines at Grand Concourse and 188^th St.

Zar is also in contract to purchase a 25,000 s/f multifamily property in northern Fordham Heights. This marks the 8^th acquisition for Zar in the last 18 months.