Settlement Housing Fund Acquires Mixed-Use Property In Bronx For $10M

Located at 1415-1417 Wythe Place in Bronx, Mt. Eden, this mixed-use property was recently sold in a closed transaction. The property spans a total of 43,170 square feet, with a price per square foot of $231. It consists of 59 units and was sold for $10,000,000, below the original asking price of $12,000,000. The Gross Rent Multiplier (GRM) for this property is 10.5X, and the Price per Unit (PPU) stands at $172.4K. The transaction resulted in a capitalization rate (CAP) of 5.5%.

Summary of transaction details:

• Property Type: Mixed-use
• Sale Price: $10,000,000
• Square Footage: 43,170
• Asking Price: $12,000,000
• Price per Square Foot (PPSF): $231
• Units: 59
• Price per Unit (PPU): $172.4K
• Gross Rent Multiplier (GRM): 10.5X
• Capitalization Rate (CAP): 5.5%

The seller of this property was John Pollis, while Alexa Sewell represented the buyer, Settlement Housing Fund. The transaction was facilitated by brokers Aaron Jungreis and Isaac Blyakher from Rosewood Realty.