Selling Points: Bronx Buildings Snapped Up

 

Besen & Associates announced the sales of both 1427 & 1475 Taylor Avenue in Parkchester.

 

Amit Doshi represented both parties in the transaction.

 

Parkchester is the Stuyvesant Town Peter Cooper Village of the Bronx. It was originally built to house the WWII veterans and their families. Part of the complex was later converted into condominiums that represent 50 groups of buildings. Today, residents still praise the 130 acres complex because of the tight community that was created from the beginning.

 

“Back in 2003, today’s purchaser flipped those buildings as part of a six-building package to the seller. Now in 2017, the same seller sold two of these buildings to the purchaser. A deal so good it couldn’t get out of their hands, at least not yet,” said Doshi.

 

Built in 1930, the properties are two five-story apartment buildings, with 61 units, five stores and 58,125 s/f. Both properties were acquired for $10,750,000 which equates to 11.3 GRM, $176,240 PPU and a 5.1 percent cap rate.

 

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