HK Organization Sells Morrisania MF Building for $3 Million
The HK Organization, a Brooklyn-based real estate owner and developer, has sold a 31-unit multifamily building and an adjoining buildable lot in the Morrisania neighborhood of the Bronx for $3 million.
The sale includes two contiguous five-story walk-up buildings located at 988-992 Boston Road and a 3,781 square feet development site at 585 East 164th Street. The buildings were built in 1910 and have a total of 27,349 square feet. The sale was completed with a capitalization rate of 7.3% and a gross rent multiplier of 8.6. The development site has a zoning entitlement for 9,188 square feet of residential space, with the potential to increase to 18,149 square feet by including a community facility component.
Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both the HK Organization and the undisclosed buyer.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.