Multifamily Property At 1592-1600 University Avenue Sold For $3.1 Million In Bronx

The property asset involved in the transaction is a multifamily building located at 1592-1600 University Avenue in the Morris Heights neighborhood of Bronx. It was sold for $3,100,000 and comprises 64 units, reflecting a price per unit of $48,000. The total square footage of the property is 58,630, resulting in a price per square foot of $53.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,100,000
• Units: 64
• Price Per Unit: $48,000
• Square Footage: 58,630
• Price Per Square Foot: $53
• Seller's Representatives: Daniel Mahfar & Erik Moloney - Ariel Property Advisors

Daniel Mahfar and Erik Moloney from Ariel Property Advisors were instrumental in representing the seller in this transaction. Ariel Property Advisors has a substantial inventory of over 2,000 multifamily units available in the Bronx, which includes free market assets, rent stabilized units, and value-add affordable portfolios.