Steinmetz of Meridian brokers $8.825 million sale of 600 East 178th Street

Bronx, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has negotiated the sale of a mixed-use property located at 600 East 178^th St. for $8.825 million, equivalent to a 5.5% cap rate. Meridian Investment Sales director, Mark Steinmetz, represented the buyer and seller. The six-story elevator building, consists of 51 units, including six stores, totaling 47,200 square feet. Located in the Bronx’s Tremont neighborhood, the property has a live-in super and is conveniently situated just blocks from the Bronx Zoo, Tremont Park and Crotona Park. Residents are also in close proximity to the 2 and 5 subway lines, Interstate 95 and Fordham University. “Given the seller’s desire for a transaction to occur within a tight timeframe, Meridian was able to quickly procure a buyer and close the sale within less than 30 days,” said Steinmetz.