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$154,000-Per-Unit for Claremont Apartments

An investor paid $7.7 million for 1654 Monroe Ave., a building with 50 apartments near Claremont Park in the Claremont neighborhood of the Bronx.

That works out to a price of $154,400 per unit. The apartments sold at nearly record-breaking pricing of more than 16 times the gross rent, and a capitalization rate of about 4 percent.

The seller, a private investor, traded the property in a 1031 Exchange for two triple-net-leased properties in Austin, Texas, and Wauchula, Fla. “Our client was looking specifically for stable 1031 Exchange properties in income tax free states, which is a major trend for property owners looking towards retirement,” said Elli Klapper, first vice president for CBRE, who with Charles Berger and Jay Gelbtuchof arranged the transaction on behalf of the seller.

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson

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