$10.8M for a Piece of Parkchester

An investor paid $10.8 million for two buildings in the giant Parkchester apartment complex in the Bronx.

The five-story buildings at 1427 & 1475 Taylor Ave. includes 61 rental apartments and 58,000 square feet of retail space. The selling price works out to about $176,000 per apartment, with a capitalization rate of 5.1%. (Cap rates represent the operating income from the property as a percentage of the sale price.)

The building had been traded before between the buyer and seller.

“Back in 2003, today’s purchaser flipped those buildings as part of a six-building package to the seller. Now in 2017, the same seller sold two of these buildings to the purchaser. A deal so good it couldn’t get out of their hands, at least not yet,” said Amit Doshi, a broker with Besen & Associates.

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