Slonim and Frants of Besen & Associates broker $14 million sale

Besen & Associates has completed the sale of Stevenson Towers, located at 831 Bartholdi St. The block-through property is a six-story elevator apartment building consisting of 122 apartments and 81 parking spaces and totals 127,629 gross s/f. This well-constructed asset is located in the Williamsbridge/Olinville section. Matthew Slonim of Besen & Associates is handling the assignment for the seller, and Alex Frants of Besen procured the purchaser, a local private investor. The firm achieved a price of $14 million. Stevenson Towers is in excellent physical condition with minimal deferred maintenance required as the property was built in 1973 and has had over $2.5 million in recent major capital improvements. These improvements include new entrance lobbies, renovated hallways as well as two new boilers, a new elevator, a new oil tank, new roof and recently installed electric sub-metering for apartments. 65 of the 122 apartments have been recently gut renovated. The property is not subject to rent-regulation and thus offered a strong cash flow to investors. As evidenced by only one vacancy, the free market units are in strong demand and have rents averaging $1,204 per month. In addition, 42 apartments (35% of the building) are rented to Section 8 tenants. Stevenson Towers offers its tenants numerous amenities and services including indoor and outdoor parking, a large laundry room, playground area, and onsite security. The parking consists of 32 indoor spaces and 49 outdoor spaces. 78 of the apartments have balconies that offer scenic views of the surrounding area. The property is within a short walk to both the #2 and #5 subway stops at Gun Hill Road stations.