Reynolds, Davila and Loch of Investment Property Realty Group close $3.735 million sale of 216, 218, 220 East 179th St.

Bronx, NY Investment Property Realty Group (IPRG) closed the sale of 216, 218, 220 East 179^th St., a development site located in the Mount Hope section of the city, for $3.735 million.

The transaction was negotiated by Steve Reynolds, Brian Davila and John Loch who represented both the sellers, Moortee Budhai, Mohaned Shameer, and Vincent Lee, and the buyer, Aron Stark and Yitzchok Salamon. 

The assemblage consisted of three adjacent development sites owned by four separate ownership groups, including two families who were no longer on speaking terms. Each ownership group had different priorities, attorneys, closing timelines, and life estate considerations. Despite additional title challenges after one owner passed away in intestate, IPRG aligned all parties, identified the right buyer and closed the transaction at $106 per buildable s/f, above prevailing market value.

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.