Rosewood sells two-building portfolio for $9.6 million

Rosewood Realty Group has closed a two-building portfolio sale for $9.6 million in the High Bridge section, near Yankee Stadium. The buildings include: 950-958 and 957-963 Woodycrest Ave. One building is a six-story elevator building (950) and the other (957) is a five-story walk-up apartment building. Together they offer 113 apartments and five commercial units. The seller, 950 & 957 Woodycrest LLC, was represented by Aaron Jungreis, the founder of Rosewood, and the buyer, a local investment group, 954 Woodycrest Ave. LLC, was represented by Samuel Kooris of Rosewood. The 128,907 s/f portfolio sold for seven times the rent roll at 6.5% cap rate. "This asset represented a unique opportunity to purchase a well maintained apartment building with significant upside," said Kooris. Rosewood Realty is a boutique commercial brokerage firm that focuses on sales of multifamily, retail and office properties largely in New York, New Jersey and Connecticut. Rosewood Realty Group ended 2011 with over $800 million in over 75 closed deals. In 2010, the firm closed $470 million in over 50 deals. Jungreis started the company with his cousin David Berger in 2007.