NEW YORK CITY-Massey Knakal Realty Services sold a Bronx apartment portfolio for $23.8 million or $92.77 per sf. An unidentified Brooklyn investor took the four buildings in an all-cash transaction with a cap rate of 6.1%.
The transaction includes three adjoining buildings, 1944 Unionport Rd., 1954 Unionport Rd. and 1980 Unionport Rd., plus 733 Arnow Ave. The Unionport Road buildings are all six-story properties while the Arnow Avenue facility is a five-story walk-up.
The buyer gains 332 residential apartments, three superintendent units, two commercial units and a cell phone antennae in the deal. 98% of the apartments are rent stabilized, with the remainder being rent controlled. Only 10 units are vacant across all the buildings.
"With 98% of the apartments designed as rent stabilized, the portfolio offers the ability to capitalize on significant increases in revenue from capital improvements and lease turnover during the long-term," says Massey Knakal partner Marco Lala. Lala exclusively represented the seller. Massey Knakal brokers handled both ends of the transaction.
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