Prana Investments Acquires Multifamily Asset In Bronx For $1.9M

An extensive multifamily property located at 1100 Clay Avenue in the Bronx was recently sold for $1,919,000. The property spans an impressive 14,352 square feet, resulting in a price per square foot of $132. This transaction involved a total of 16 units, with each unit being sold for approximately $119,937. With a capitalization rate of 7.4%, the property presents a promising investment opportunity.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,919,000
• Address: 1100 Clay Avenue
• Market: Bronx
• Square Footage: 14,352
• Price Per Square Foot: $132
• Number of Units: 16
• Price Per Unit: $119,937
• Capitalization Rate: 7.4%

The buyer in this transaction was Prana Investments, while Christopher Ryan served as the seller. Timour Shafran and Jessica Pepe, representing CitiCore, acted as brokers. Additionally, the deal involved a loan amount of $1,900,000, which was provided by Signature Bank.