Bronx portfolio commands $18m

Real Estate Weekly,  July 11, 2007  

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Marcus & Millichap Real Estate Investment Services has arranged the sale of a 14-building portfolio in the South Bronx.

Seven of the properties are mixed-use buildings, six are residential buildings and one property is a 5,000 s/f retail asset. The sales price is $18.2 million.

Kevin Salmon, a senior associate, and investment specialist Sharone Sohayegh in Marcus & Millichap's Manhattan office, represented the seller, a Bronx private investor.

The buyer is a Bronx-based syndicate.

"The new ownership plans to maintain these properties, which are located along the 138th Street corridor in Mott Haven, and make significant capital improvements," explains Salmon. "The upgrades will allow the new owners to increase the rental income stream generated by these assets."

Located along the 138th Street corridor in the Bronx, the 14-building portfolio includes seven mixed-use assets, four multi-family properties, one single-family home, one duplex and one retail asset measuring 5,000 s/ft.

Most of the properties are located only 15 minutes from the heart of Midtown Manhattan.

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