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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