Doshi, Schechtman and Mehra of Meridian sell 72 units for $9.825m

Bronx, NY Meridian’s Amit Doshi, David Schechtman, and Shallini Mehra team up again to sell their exclusive assignment, 1738 University Ave. in the Morris Heights neighborhood. The six-story elevator building sold for $9.825 million, yielding a capitalization rate of 6%, $147 per s/f, $136,400 per unit, and a gross rent multiplier of 8.1 times. The property features 150 ft. of frontage and contains 72 apartments within 67,000 s/f.

The team represented the seller, Elizabeth Crane of Rosedale Management, and the purchaser, Rick Herman of Prana Investments. Anthony Simari of Holm & O’Hara LLP represented the seller, while Matthew Mandell of Mandell Mandell LLP represented the purchaser.

70% of tenants are enrolled in the Enhanced Voucher program, which provides stability of housing for the tenant and higher rents to the landlord.

In the early 1900’s, the sellers, the Aisenberg-Crane family, bought vast tract of farmland in the section known as West Farms, where they built numerous multifamily buildings. This property was their first gut rehab project under the mod rehab program. Once the 20-year HUD incentives expired, the tenants were enrolled in a unique Enhanced Vouchers program, which is substantially more favorable than a regular housing choice voucher.