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Pair of Bronx Co-op Properties Changes Hands
Cushman & Wakefield arranged the sale of 2265 University Ave. and 85 McClellan St., two multifamily co-op buildings in the Bronx. The firm’s Eric Roth, Jonathan Squires, Joshua Neustadter, Tyler Signora and Harry James represented the seller. Deal terms weren’t disclosed.
“This package of co-ops made for an interesting investment opportunity on a multitude of levels,’ said Roth. “Potential purchasers found the below-market rents in a largely free market package as an opportunity for value-add rentals or to sell affordable luxury apartments. Without the standard restrictions of rent regulation, this opportunity created a very competitive process.”
Added Squires, “Both buildings are situated in very strong residential neighborhoods, which was an additional point of interest for investors.”
2265 University is a six-story, 46,000-square-foot co-op with 42 residential units, 38 of which are market rate. 85 McClellan is a six-story, 56,000-square-foot elevator co-op with three commercial units and 48 residential units.
- ◦Sale/Acquisition
