Shaban of Besen & Associates secures $14.05 million sale of 84,650 s/f; Borbon and Doshi of Besen sell 5-story walk up for $3.6 million

Ronnie Shaban, Besen & Associates

Kelly Borbon, Besen & Associates

Amit Doshi, Besen & Associates

Bronx, NY Besen & Associates completed the sale of 780 East 135^th St., a six-story industrial warehouse building located in the Mott Haven neighborhood. Built in 1912, the building has 84,650 s/f and sold for $14.05 million.  Ronnie Shaban of Besen & Associates exclusively represented the seller and also procured the buyer. The price per s/f amounts to $165.

780 East 135^th St. is conveniently located near major roadways such as the Major Deegan Exwy. and the Bruckner Exwy. It is close to the RFK (Triboro), Willis Ave., and Third Ave. Bridges, placing it minutes from Manhattan and Queens. Furthermore, its surroundings offer easy access to public transportation, with the [6] train at Cypress Ave. and the BX33 bus line close by.

“The sale of this prized property was the culmination of eight years of follow up and a relationship that resulted in an exclusive about 15 months ago,” said Shaban. “The purchaser is a local private investor who had his eyes on the property when he inspected it with me eight years ago. 780 East 135^th St. is unique in that it features full air and light exposure on all four sides, which makes it attractive to future tenants.”  According to Shaban, “Mott Haven is being transformed into a multi-cultural hub to live, work and play.  With its abundant water views and public transportation, it is already being compared to the Queens and Brooklyn waterfronts.”

Besen & Associates also completed the sale of 264 East 199^th St. in the Bedford Park neighborhood. The 5-story walkup building was sold by Kelly Borbon and Amit Doshi, who exclusively represented the seller. Built in 1915, 264 East 199^th St. has 22 apartments with a total of 22,118 s/f.

The property sold for $3.6 million, which equates to a gross rent multiplier of 10.3, a capitalization rate of 5.7%, the price per unit to $163,636 and the price per s/f to $163.

264 East 199th street is located on the corner of East 199th Street and Briggs Avenue, very near to the Bedford Park Boulevard stations on the [4, B, D] subway trains. 70% of the apartments in the complex have been recently renovated, while the building itself has a new boiler.

“In light of recent improvements and stronger values, we were able to achieve an attractive price for the seller,” stated Kelly Borbon.

Bedford Park is a neighborhood in the northwest Bronx that is noted for its quiet, clean demeanor and its vibrant diversity. Its residents have shared their backgrounds to give the area African, Middle Eastern, South and East Asian, Latin, and European influences, making Bedford Park a haven of restaurants and cultural attractions. Furthermore, it borders the New York Botanical Gardens and the Kingsbridge Armory.

780 East 135th Street - Bronx, NY

264 East 199th Street - Bronx, NY