Zucco of Besen completes sale of 67 units: $6.4 million

Alan Zucco, director at Besen & Associates, has closed his first transaction within four months of joining the firm. The property is located at 261 East Kingsbridge Rd., at the corner of Briggs Ave. and the intersection of East Kingsbridge and East 192nd St. The sale was the first in 22 years of ownership and the building traded hands for $6.4 million. Zucco represented the seller on an exclusive basis and procured the purchaser as well. The sales price of $6.4 million represents a 7.2 gross rent multiplier, 7.0% capitalization rate, $95,520 price per unit, and $96 price per s/f. Built in 1953, this 6-story dual elevator building is comprised of 67 apartments and garage, and has 66,780 s/f. The building dimensions are 135 feet by 135 feet. Apartment layouts by room count include 2/2, 31/3, 28/4, 6/5 and one office space of 1,000 square feet, for a total of 239 rooms. There are nine indoor parking spaces. The property is within walking distance to the (B) and (D) trains at Kingsbridge Road and Grand Concourse, and in close proximity to Metro North. The property is entirely rent stabilized and houses Section 8 tenants, which comprises approximately 35% of the tenancy. Average monthly rent amounts to $1,040.