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Meridian’s Team Doshi Closes Sale of Rent-Stabilized Morris Heights Property
Meridian’s Amit Doshi and Shallini Mehra recently closed on the sale of 1893 Andrews Avenue So., also known as 130-136 W. Burnside Ave. a six-story corner building in the Bronx’s Morris Heights neighborhood. It sold for $8.04 million at a 5.9% cap rate.
Doshi and Mehra represented both the seller, Galaxy General Contracting Corporation, and the purchaser, RJ Block Properties. The property, which has a tax abatement expiring in 2027, contains 59 apartments and two stores and was gut renovated in 1991 by the former ownership.
“There is a strong demand for well-maintained, 100% rent-stabilized assets, which have consistent cash flow,” said Doshi. “The low-interest rate climate has propelled the secondary markets to new heights, the likes of which we have not seen since prior to the COVID stagnation.”
Mehra added, “This property hit all metrics the purchaser was seeking, including having minimal violations.”
- ◦Sale/Acquisition
