News:
Brokerage
Posted: April 19, 2016
Rosewood Realty Group closes three sales totaling $80.71 million
Aaron Jungreis, Rosewood Realty Group
David Berger, Rosewood Realty Group
New York, NY Rosewood Realty Group has closed the following deals totaling $80.71 million:
• The $45.7 million sale of six buildings in the West Bronx’s Fordham Heights neighborhood: The package contains 305 apartments across 271,000 s/f. There are three six-story elevator buildings, two five-story walk-ups and one five-story walk-up. The addresses are 2063-2065, 2075, 2084 and 2095 Creston Ave., 108 Field Pl. and 2324 Morris Ave. Rosewood’s David Berger represented the seller, Bernard Miller, an investor while Rosewood’s Aaron Jungreis represented the buyer, John LaRocca of Arena Real Estate.
“These buildings are all located in a little pocket of the Bronx, no more than a few blocks from one another,” Jungreis said.
LaRocca, who is also a broker in Brooklyn, is planning to hold the buildings long term and renovate them, sources said. His firm, Prospect Heights-based Arena Real Estate, has multifamily holdings in Brooklyn, Queens and Staten Island, records show. The buildings date back to the 1920s and 1930s. The deal closed in late March for $170 per s/f, or 10.5 times the current rent roll. The buildings have a cap rate of 6%.
• A $33 million sale of an 11-story apartment building in Hamilton Heights in Manhattan. The building, at 730 Riverside Dr., (aka 621-625 West 150th St.), is 107, 530 s/f and was built in 1920. It sold for 20 times the current rent roll and has a cap rate of 3.64%. Jungreis represented both the buyer, 730 Riverside Dr. LLC and the seller, 730 Riverside Associates, LLC.
• A $2.01 million sale of 344 East 148th St., Mott Haven in the Bronx (aka 517 Courtlandt Ave.) This is a four-story walk-up apartment building with 14 apartments and two commercial units. It is 9,870 s/f and it was built in 1910. It sold for 8.5 times the current rent roll and the CAP rate was 8%. Jungreis represented the seller, 344 East 148th LLC and the buyer, 517 Courtlandt LLC.
2095 Creston Avenue - Bronx
344 East 148th Street - Bronx, NY
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 260 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
.gif)
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
.gif)