Rosewood Realty Group Facilitates $11.5M Sale Of Multifamily Building In Fordham Heights, Bronx

The property at 2055 Anthony Avenue in Fordham Heights, Bronx has been sold for $11,500,000. This six-story, 80-unit apartment building is a multifamily asset with a total square footage of 74,550. The price per square foot is $154. The building is located in an R8 zone and has a tax class of 2. The previous sale of the property took place in November 2012 for $7,150,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $11,500,000
• Address: 2055 Anthony Ave, Fordham Heights, Bronx
• Market: Fordham Heights, Bronx
• Zoning: R8
• Tax Class: 2

Rosewood Realty Group represented both the seller, Morgan Group, and the buyer in this transaction. Aaron Jungreis, from Rosewood Realty Group, served as the broker for the deal. The transaction marks their 10th sale in the Bronx this year. Jungreis noted that the building has been well-maintained in the past 10 to 20 years, requiring minimal capital improvements for the buyer. The relatively low starting rents have resulted in strong collections, making it a favorable investment.

Additionally, the building features 30,800 square feet of air rights and includes a superintendent's apartment in the basement. The buyer sees potential in the property, given its current rent roll being 10 times lower than the sale price and a capitalization rate of 6%.