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Posted: March 7, 2017
Zar of Moonlight Management leads investors to acquire 12,695 s/f property in The Bronx for $2.16 million
311 East 188th Street - Bronx, NYBronx NY A group of investors, led by Ryan Zar of Moonlight Management LLC have acquired ??311 East 188th St. for $2.16 million.
Ryan Zar, Moonlight Management LLCThe subject property is a 12,695 s/f multifamily building located on the corner of East 188th St., adjacent to Fordham Rd. It contains 11 apartments with an average unit size of 1,000 s/f as well as 38 ft. of frontage.
According to public records, the price equates to a gross rent multiplier of 10.6x, $170 per s/f, and $180,000 per unit.
The property is located close to the B and D subway lines at Grand Concourse and 188th St.
Zar is also in contract to purchase a 25,000 s/f multifamily property in northern Fordham Heights. This marks the 8th acquisition for Zar in the last 18 months.
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