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.
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