Originally Published on www.BesenGroup.com
BRONX, NY – Amit Doshi of Besen & Associates has recently completed the sale of 1210-1230 Croes Avenue in the Soundview section of The Bronx. The property is 20-story elevator building with 160 apartments and 112 outdoor parking spaces, occupying an entire block front on Westchester, Croes and Gleason Avenues. It was sold to a local private multifamily investor for $21 million.
The property is on a 203.17’ x 421’ lot and is built 200.67’ x 52.67’, and contains 198,000 square feet. Average rent per apartment is $1,100, with average rent per room at $277. It is walking distance to the St. Lawrence Avenue #6 subway line. Layouts for the building by room count include 2 studios, 41 one-bedrooms, 78 two-bedrooms, and 39 three-bedrooms. The sale price of $21,000,000 equates to $131,250 price per unit, $106 per square foot, and a 3.75% capitalization rate.
It was owned by Croes Nest Realty LP for over 20 years, a private investor who opted to capitalize on current market conditions in their retirement.
“This was an rare opportunity to acquire a sizable block front asset with major value-add potential,” commented Amit Doshi. “Many below market rents justified the sub-4% cap rate pricing level here, well below the 6% average cap rate multifamily in the Southeast Bronx has recently traded for.”
Bryan McCrossen and Chris Palmese of Donovan LLP of represented the seller and Jeffrey Zwick of Law Offices of Jeffrey Zwick represented the purchaser.