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Lightstone Group Acquires Bronx Multifamily Buildings From Belmar Realty Corp. For $50.6M

105 West 177th Street, 2151 Davidson Avenue , 831 Bartholdi Street & 3520 Dekalb Avenue
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This MultiFamily property located in NY was sold for $50,600,000 about 6 years ago. The brokers of the deal were Joseph (Joe) Koicim, Seth Glasser, Peter Von Der Ahe, and Michael (Mike) Fusco

The Lightstone Group has acquired a portfolio of multifamily buildings in the Bronx, New York. The properties included in the package are located at 105 W 177th St. in Mount Hope, 2151 Davidson Ave in University Heights, 831 Bartholdi St. in Williamsbridge, and 3520 Dekalb Ave in Norwood. The total square footage of the portfolio is approximately 260,000 square feet, with a price per square foot of $195. The transaction was completed on March 23, 2018, with a total sale price of $50.6 million. The portfolio consists of a total of 266 units, with a price per unit of $190,000.

Summary of transaction details

  • Property Type: Multifamily Buildings
  • Transaction Amount: $50.6 million
  • Total Square Footage: 260,000 sf
  • Price Per Square Foot: $195
  • Total Units: 266
  • Price Per Unit: $190,000

The seller of the portfolio was Belmar Realty Corp, while the buyer was the Lightstone Group. The transaction was facilitated by brokers Peter Von Der Ahe, Seth Glasser, Michael Fusco, and Joe Koicim of New York Multifamily. Additionally, the deal was valued at 12.75 times the current rent roll.

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Deals
  • Location
    105 W 177th St, Mount Hope, New York, NY, USA105 W 177th St, Mount Hope, New York, NY, USA
  • Sale Price
    $50,600,000$50,600,000
    $194 PPSF$194 PPSF
  • Area
    260,000 SF260,000 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    4 Brokers, 1 Agency4 Brokers, 1 Agency

Agents

Joseph (Joe) Koicim

Joseph (Joe) Koicim

Deals122
Financed$2B

Seth Glasser

Seth Glasser

Deals80
Financed$891.9M

Agency

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

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Deal Summary

SALE IMAGE: David Lichtenstein, Joe Koicim, Peter Von Der Ahe, Seth Glasser and Meir Milgraum DATE: 03/23/2018 PACKAGE/ADDRESS: 105 W 177th St. in Mount Hope; 2151 Davidson Ave in University Heights; 831 Bartholdi St. in Williamsbridge; and 3520 Dekalb Ave in Norwood CITY: New York MARKET: Bronx ASSET TYPE: Multifamily Buildings SELLER: Belmar Realty Corp. BUYER: Lightstone Group BROKER: Peter Von Der Ahe, Seth Glasser, Michael Fusco, Joe Koicim - @newyorkmultifamily 🔥 PRICE: $50.6M TOTAL SF: 260K sf ~ PPSF: $195 TOTAL UNITS: 266 ~ PPU: $190k NOTES: 12.75x rent roll

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105 West 177th Street, 2151 Davidson Avenue , 831 Bartholdi Street & 3520 Dekalb Avenue

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