Marcus & Millichap Facilitates $6.05M Sale Of Vacant Multifamily Property In Concourse, Bronx

The multifamily property located at 1329 Morris Ave in the Concourse neighborhood of Bronx was recently sold. The transaction took place on 11/23/2022 and was facilitated by brokers Seth Glasser, Mike Fusco, and Benny Katz from Marcus & Millichap. The property was sold for a total price of $6,050,000. It consists of 22 units, with a price per unit of $275,000. The total square footage of the property is 16,754, resulting in a price per square foot of $361. The property was delivered vacant and also benefits from a 421a tax abatement.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $6,050,000
• Units: 22
• Price Per Unit: $275,000
• Square Footage: 16,754
• Price Per Square Foot: $361
• Address: 1329 Morris Ave
• Market: Concourse, Bronx

The deal was successfully negotiated by Seth Glasser, Mike Fusco, and Benny Katz from Marcus & Millichap. Their expertise and representation played a crucial role in the transaction. The property was delivered 100% vacant, providing flexibility for the new owner. Additionally, a 421a tax abatement is in place, offering potential tax savings for the buyer.