SELLING POINTS: Double Take on Bronx Apartment Building

A team of Besen brokers has sold a Concourse Village apartment building for the second time.


Amit Doshi, Greg Corbin, Lynda Blumberg and Miguel Jauregui brokered the sale of 1104 – 1112 Carroll Place in the Concourse Village section of the Bronx for $13.6 million.

 

The 70,220 s/f, five-story, walk-up has 80 apartments and 263 ft. of frontage.

 

The sellers acquired the building back in 2011 for $5,500,000 in a deal brokered by Doshi and Blumberg.

 

The new sale price equates to $170,000 per unit, $194 psf, a 14.4 GRM and a 3.8 percent capitalization rate.

 

“This marks our team’s third sale this quarter of a value-add multifamily property located within a mile of Yankee Stadium,” said Corbin.

 

“Having previously transacted 1110 Anderson Avenue and 1422 Nelson Avenue, also for sub 4.5 percent cap rates, we continue to see enormous strength in the Highbridge section of the Bronx.”

 

The building was sold to “an experienced operator with an already established portfolio in Brooklyn, Queens, Washington Heights and the Bronx,” according to the brokers.

 

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