Investment Property Realty Group closes $1.7 million sale of 491 East 166th St.
Bronx, NY Investment Property Realty Group (IPRG) closed the sale of 491 East 166th St., a re-development property located in the Morrisania section of the borough, for $1.7 million.
The transaction was negotiated by Steve Reynolds and Brian Davila who represented both the seller, Gene Humphreys, and the buyer, Joel Guttman.
The property had been owned by the same family since 1992 and was home to a longtime plumbing business whose owner was retiring. Situated on a 34’ x 125’ lot with R7-2 zoning, the site offers 14,620 s/f of development rights.
IPRG targeted experienced residential developers by highlighting the property’s adaptive reuse potential. The existing three-story building can be converted into approximately 21 residential units, providing a cost-effective alternative to ground- up construction. The marketing campaign generated more than 10 competitive offers, resulting in a sale price above conventional land values and the seller’s expectations.
The transaction highlights the continued demand for well-positioned adaptive-reuse opportunities in the Bronx and New York City’s outer boroughs.
Founded in 2016, IPRG (Investment Property Realty Group) is a broker-owned commercial real estate brokerage specializing in investment sales, retail leasing, and property management across New York City and New Jersey. The firm focuses on the sale of multifamily properties, mixed use buildings, development sites, retail assets, and other commercial investment properties. Since its founding, IPRG has completed more than $4 billion in commercial real estate transactions, making it one of the most active investment sales firms in the New York metropolitan area. Through its market expertise, data driven approach, and collaborative platform, IPRG helps investors, developers, property owners, and institutions maximize the value of their commercial real estate assets.