(Read more on the multifamily market.)
NEW YORK CITY-Eric Oppenheimer, a Bronx private investor, sells a 14-building portfolio in the South Bronx to Sharp Management, a Bronx-based syndicate, for $18.2 million. The properties, located along the 138th Street corridor in the Bronx, include seven mixed-use assets, four multifamily properties, one single-family home, one duplex and one retail asset measuring 5,000 sf.
Encino, CA-based Marcus & Millichap Real Estate Investment Services represented the seller in the transaction. "The new ownership plans to maintain these properties and make significant capital improvements" says Kevin Salmon, a senior associate, who worked with investment specialist Sharone Sohayegh in the Marcus & Millichap Manhattan office on the deal. "The upgrades will allow the new owners to increase the rental income stream generated by these assets."
The total square footage is around 192,000, not including retail, according to Salmon, and the properties have had very few upgrades over the past 10 years. "This deal has been on and off for years," Salmon notes to GlobeSt.com. "However when the decision was finally made, start to finish was approximately 60 days."
Salmon explains that the reason for selling was that, "the seller was a long-term owner, who is up in age and has no siblings to pass the property on to."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
