Wavecrest Equities Acquires Multifamily Property In Foxwood, Bronx For $3.15M

A multifamily property located at 923 Kelly Street in the Foxwood neighborhood of Bronx has been sold. The property is zoned as R7-1 and C1-4, offering potential for both residential and commercial uses. The sale took place on January 12, 2021, with a transaction price of $3,150,000. The property consists of 20 units, providing a per unit price of $157,500. The total square footage of the property is 19,812, resulting in a price per square foot of $158. Richard Guarino, from Friedman Roth Realty, represented both the buyer and the seller in this transaction.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,150,000
• Address: 923 Kelly Street, Bronx
• Market: Foxwood
• Zoning: R7-1, C1-4
• Buyer: Joe Camerata - Wavecrest Equities
• Seller: Noah Friedman
• Broker: Richard Guarino - Friedman Roth Realty
• Units: 20
• Price per Unit: $157,500
• Total Square Footage: 19,812
• Price per Square Foot: $158

The involvement of Joe Camerata from Wavecrest Equities as the buyer and Noah Friedman as the seller added significance to this sale. Richard Guarino, representing Friedman Roth Realty, facilitated the transaction as the broker. This deal presents an 8% capitalization rate, reflecting a promising investment opportunity in the Bronx multifamily market.