Cushman & Wakefield Represents Glacier Equities In $11.5M Package Deal Sale In Bronx

The package deal at 2265 University Avenue & 85 McClellan Street in Bronx has been sold for a total of $11,500,000. The property consists of two separate co-op packages, with 93 units in total. The sale price equates to approximately $112 per square foot.

Summary of transaction details

• Property Type: Package Deal
• Transaction Amount: $11,500,000
• Square Footage: 102,000
• Units: 93
• Price Per Square Foot: $112
• Price Per Unit: $123,655
• CAP Rate: 4.15%

The seller of this package deal is Glacier Equities, represented by Myles Horn. The seller's representatives, from Cushman & Wakefield, were Eric Roth, Jonathan Squires, Tyler Signora, Josh Neustadter, and Harry James.

Additional information provided by @CushWake notes that 85 McClellan Street is a 51-unit co-op package, with 92% of the units being free market. This package represents 97% of the share ownership. Meanwhile, 2265 University Avenue is a 42-unit co-op package, with 90% of the units being free market. This package represents 100% of the share ownership.

Despite the sale, the new ownership intends to maintain the package as a free market rental portfolio.