Rick Gropper Acquires Multifamily Property On Grand Avenue, Morris Heights For $27M

The multifamily property located at 1971-1975 Grand Avenue in Morris Heights, Bronx has been sold for a transaction amount of $27,000,000. The property is situated in a desirable location and has a total square footage of 81,007. It falls under the R7-1 and C1-4 zoning classifications, allowing for versatility in its use. The building has a buildable square footage (BSF) of 73,630, resulting in a price per buildable square footage (PPBSF) of $366. The price per square foot (PPSF) for the property is approximately $333. The deal was finalized on November 19, 2021.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $27,000,000
• Market: Morris Heights, Bronx
• Zoning: R7-1, C1-4

The buyer of the property is Rick Gropper, while Eugene Schneur is the seller. The property has a floor area ratio (FAR) of 3.93, and it falls under tax class 2. The lot size is approximately 10,680 square feet. In the previous sale, the property was sold for $8,100,000 on July 13, 2006. A permit for alteration 2 was issued on February 5, 2013. The lot dimension measures 109.58 feet by 112.5 feet.