Joel Guttman Purchases Re-Development Site On East 166th Street In Bronx For $1.7M

The property asset involved in this transaction is located at 491 East 166th Street in the Morrisania market of Bronx. This re-development asset was sold for $1,700,000, with a building square footage of 6,897 and a price per square foot of $246. The total built square footage is 14,260, resulting in a price per built square foot of $119.

Summary of transaction details:

• Property Type: Re-Development
• Transaction Amount: $1,700,000
• Address: 491 East 166th Street
• Market: Morrisania, Bronx
• Buyer: Joel Guttman
• Seller: Gene Humphreys
• Broker Representatives: Steve Reynolds & Brian Davila - Investment Property Realty Group
• BSF: 14,260
• PPBSF: $119
• SF: 6,897
• PPSF: $246

The broker representatives involved in this transaction are Steve Reynolds and Brian Davila, who collectively represent the investment interests in this re-development project. The developer plans to utilize the existing three-story building for an interior enlargement, converting the warehouse into a four-story residential structure consisting of 21 residential units.