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Rosewood Sells Elevator Building in Fordham Heights
Rosewood Realty Group arranged the $11.5-million sale of a six-story, 80-unit apartment building in the Fordham Heights section of the Bronx. The 74,580-square-foot elevator building at 2055 Anthony Ave. sold at a cap rate of 6%.
Rosewood’s Aaron Jungreis represented both the seller, the Morgan Group, and the undisclosed buyer.
“This sale marks our 10th sale in the Bronx so far this year,” said Jungreis, who added that he’s seeing a renewed interest in the Bronx. “This building was well maintained for the past 10 to 20 years, so the buyer has very little capital improvements to do.”
He added, “Also, the rents are relatively low to start with, so collections have been pretty strong, making it a good investment for the buyer.”
The rent-stabilized building was built in 1920 and also features 30,800 square feet of air rights and a superintendent’s apartment in the basement.
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- ◦Sale/Acquisition
