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Meridian’s Team Doshi Closes Deal for 67-Unit Bronx Multifamily
Meridian’s Amit Doshi and Shallini Mehra closed on the $7,450,000 sale of 1815 Monroe Ave., a 67-unit Art Deco elevator apartment building in the Bronx’s Mount Hope/Tremont neighborhood. Built in 1936, the property yielded a gross rent multiplier of 9.2 times and a capitalization rate of 4.25%. This is its first sale in more than 50 years.
“The building does not have aggressive rents, but by legally creating additional lower-level units, the seller was able to increase the income, resulting in a higher cap rate,” said Mehra. “The buyer has several properties in the immediate area and thus is able to create economies of scale with this acquisition.”
Doshi added, “We continue to be bullish in the rent stabilized world, as most owners we interact with are comfortable with initial lower returns on stable assets.”
Meridian’s Michael Kesselman and team procured 70% loan-to-value acquisition financing from a balance sheet lender.
- ◦Sale/Acquisition
