Meridian’s Team Doshi Sells Rent-Stabilized Property in Pelham Bay
Meridian’s Amit Doshi and Shallini Mehra recently sold 2955 E. 196th St. in the Bronx’s Pelham Bay section. Built in 1931, the 35,000-square-foot corner property includes 37 apartments and traded for $5.8 million, yielding a capitalization rate of 5.3%, $166 per square foot, $156,800 per unit, and a gross rent multiplier of 9.2 times.
“The rent-stabilized buildings that are selling in the current strict regulatory environment are well maintained, boast organized tenant files and have solid collections,” said Mehra. “2955 E. 196th checked all of these boxes and sold within two weeks of being on the market.”
The transaction, which closed in less than 75 days, had acquisition financing negotiated by Meridian Capital Group’s Zev Feder and Jason Bogopulsky.The team represented both the seller, Ralph Della Cava of R. A. Cohen, and the purchaser, the Lajqi family.