Joseph Jemal Acquires 114-Apartment Multifamily In Highbridge, Bronx For $21M

A multifamily property located at 950-954 & 957-963 Woodycrest Avenue in Highbridge, Bronx has been sold. The property consists of 114 apartments and 4 stores, with a total square footage of 128,907. The sale took place on 07/12/2019 and was facilitated by Amit Doshi, Shallini Mehra, and Jonathan Shainberg from Meridian Capital Group.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $21,000,000
• Address: 950-954 & 957-963 Woodycrest Avenue
• Market: Highbridge, Bronx
• Square Footage: 128,907
• Buyer: Joseph Jemal of ICER Properties
• Seller: David & Jacob Sedgh of DJ RE Management
• Brokers: Amit Doshi, Shallini Mehra, Jonathan Shainberg from Meridian Capital Group

The property was sold for $21,000,000, with a price per square foot of $162. The cap rate for the transaction was 5.4%. The sellers, David & Jacob Sedgh of DJ RE Management, sold the property to Joseph Jemal of ICER Properties. This transaction presents a significant opportunity for Jemal, as the buildings have a combined $490,000 of potential rental upside.