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
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Quick Hits
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
