Cushman & Wakefield Represents Glacier Equities In $11.5M Package Deal Sale In Bronx | 2265 University Avenue & 85 Mcclellan Street | Harry James, Tyler Signora, Joshua (Josh) Neustadter, Jonathan Squires, Eric Roth | MultiFamily | Sale

Summary

Sale

NEW YORK

MultiFamily

102,000 sqft

The package deal at 2265 University Avenue & 85 McClellan Street in Bronx has been sold for a total of $11,500,000. The property consists of two separate co-op packages, with 93 units in total. The sale price equates to approximately $112 per square foot.

Summary of transaction details

Property Type: Package Deal
Transaction Amount: $11,500,000
Square Footage: 102,000
Units: 93
Price Per Square Foot: $112
Price Per Unit: $123,655
CAP Rate: 4.15%

The seller of this package deal is Glacier Equities, represented by Myles Horn. The seller's representatives, from Cushman & Wakefield, were Eric Roth, Jonathan Squires, Tyler Signora, Josh Neustadter, and Harry James.

Additional information provided by @CushWake notes that 85 McClellan Street is a 51-unit co-op package, with 92% of the units being free market. This package represents 97% of the share ownership. Meanwhile, 2265 University Avenue is a 42-unit co-op package, with 90% of the units being free market. This package represents 100% of the share ownership.

Despite the sale, the new ownership intends to maintain the package as a free market rental portfolio.

Players

All
6

Agents
5
Agencies
1

$213.1M Sold

$551.4M Sold

Joshua (Josh) Neustadter

$364.7M Sold

$488.8M Sold

$752.4M Sold

Details

Deal Summary

SOLD

IMAGE: Eric Roth, Jonathan Squires, Tyler Signora, Josh Neustadter & Harry James DATE: 10/22/2021 ADDRESS: 2265 University Avenue & 85 Mcclellan Street MARKET: Bronx ASSET TYPE: Package Deal SELLER: Glacier Equities - Myles Horn SELLER’S REP: Eric Roth (@EricMRoth), Jonathan Squires, Tyler Signora (@Tyler_Signora), Josh Neustadter (@Neust_Goose) & Harry James (@HBeldonJ2) - Cushman & Wakefield (@CushWake) SALE PRICE: $11,500,000 SF: 102,000 ~ PPSF: $112 UNITS: 93 ~ PPU: $123,655 CAP: 4.15% NOTE FROM @CushWake: 85 McClellan Street is a 51-unit, 92% free market Co-op package that totals 97% of share ownership. 2265 University Avenue is a 42-unit, 90% free market Co-op package that makes up 100% of share ownership. The total package was sold for $113/SF, $123,655/unit & an in-place 4.15% cap rate. New ownership plans to continue to operate the package as a free market rental portfolio.

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Address2265 University Avenue & 85 Mcclellan Street

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