News:
Brokerage
Posted: December 11, 2012
The Barcel Group brokers two Bronx sales totaling $15.66 million and 174 units; Includes $9.16 million sale of 2555-2565 Grand Concourse by Zimmermann
The Barcel Group (@BarcelGroup) has brokered the sale of five buildings in the Fordam Manor section totaling $15.66 million and 174 units.
Bart Zimmermann of Barcel represented both parties in the sale of 2555-2565 Grand Concourse. The deal sold for $9.16 million which comprised of three buildings totaling 200 ft. of frontage with 90 apartments and six stores. This marks the first sale of the properties in over 30 years.
Marcel Fridman of Barcel represented both parties in the sale of 2828 & 2885 Valentine Ave. The buildings total 84 units and 79,000 s/f. The two buildings sold for $6.5 million which equaled six times the gross rent.
Fridman said, "The buildings have tremendous upside with the average rent only being $1,000. The purchaser quickly realized this opportunity and jumped on the deal."
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Quick Hits
Columns and Thought Leadership
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,
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
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
