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North Bronx Multifamily Trades with “Tremendous Rental Upside”
Meridian Capital Group’s Meridian Investment Sales division has arranged the sale of 215 E. 197th St., a multifamily property in the Bronx’s Bedford Park neighborhood.
The division’s Amit Doshi and Shallini Mehra represented the seller and procured the buyer in this $8.6-million transaction. Meridian VP Jacob Schmuckler had a long-standing relationship with the seller, and originated the lead.
The circa-1923, five-story building contains 52 apartments and spans 48,750 square feet. It’s located just east of the Grand Concourse, near Lehman College, the Bronx High School of Science and the New York Botanical Garden.
“The property features spacious layouts, very low average monthly rents of $994 per unit, and sold for $175 per square foot, a new low in today’s market,” said Mehra. “These and other salient features of the asset afford tremendous rental upside.”
Schumckler added, “The cache of North Bronx is still strong, especially on and off the Concourse.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
