A fully rent-stabilized building in the Bronx is sold for $5.1 million at a capitalization rate of 6.8% and a gross rent multiplier of 7.5 times. Located at 246 East 199th Street in the heart of Bedford Park, the building has 47 apartments; it was sold for under $125 per square foot and $108,510 per door.  

Amit Doshi and Shallini Mehra of Meridian represented both the seller, Mac Bronx Portfolio I LLC, and the purchaser, the Zadrima Family. “We continue to be aggressive in the rent-stabilized world. This seller’s total price, including the renovation costs, was $8 million, and the property sold at almost a 40% discount, which is a premium in today’s market,” said Mehra. 

On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.