Ved Parkash Acquires Tremont Multifamily From Morgan Group For $12.48M

A multifamily property located at 161-165 E. 179th St in Tremont has been sold for a price of $12,480,000. The property spans across 93,349 square feet, resulting in a price per square foot of $133. It consists of 83 units, with each unit being sold at a price of $150,602. The transaction reflects a capitalization rate of 5.8% and a gross rent multiplier of 10.6.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $12,480,000
• Address: 161-165 E. 179th St
• Market: Tremont
• Square Footage: 93,349
• Price per Square Foot: $133
• Units: 83
• Price per Unit: $150,602
• Capitalization Rate: 5.8%
• Gross Rent Multiplier: 10.6

The seller of the property was the Morgan Group, represented by Scott Morgan. The buyer, Ved Parkash, successfully acquired the property. Aaron Jungreis from Rosewood Realty Group served as the broker in this transaction.