Richard Guarino & Lynda Blumberg Acquire Multifamily Property In Concourse For $5.12M

The multifamily property located at 115 East 169th Street in the Concourse market has been sold for a total price of $5,115,000. The transaction took place on November 16, 2021. The property consists of 37 units with an average price per unit (PPU) of $138,243. The total square footage of the property is 36,700, resulting in a price per square foot (PPSF) of $139. The gross rent multiplier (GRM) for the property is 9.3x, and the capitalization rate (CAP) is 6.7%. The buyer's representatives for this deal were Richard Guarino and Lynda Blumberg from riedmanRoth, while Lynda Blumberg from @FriedmanRoth represented the seller.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,115,000
• Market: Concourse
• Number of Units: 37
• Price per Unit (PPU): $138,243
• Square Footage: 36,700
• Price per Square Foot (PPSF): $139
• Gross Rent Multiplier (GRM): 9.3x
• Capitalization Rate (CAP): 6.7%

Richard Guarino and Lynda Blumberg from riedmanRoth represented the buyer in this transaction. Lynda Blumberg from @FriedmanRoth acted as the seller's representative. It's worth mentioning the contribution of the closing attorneys, Jonathan Berman esq, and Anthony Simari esq, in successfully completing the deal.

Key highlights of the deal include the PPU at $138,243, a CAP rate of 6.7%, a PPSF of $139.37, and a GRM of 9.3x.