A prime rent-stabilized property in the Bronx recently changed hands for $5.1 million, boasting a capitalization rate of 6.8% and a gross rent multiplier of 7.5 times. The building, located at 246 East 199th Street in Bedford Park, features a total of 47 apartments and was acquired for less than $125 per square foot and $108,510 per door.
Meridian’s Amit Doshi and Shallini Mehra successfully represented both parties involved in the transaction – seller Mac Bronx Portfolio I LLC and purchaser Zadrima Family – showcasing their expertise in navigating the competitive market for rent-stabilized properties.
“The seller’s overall investment cost totaled to be around $8 million after accounting for renovation expenses,” shared Mehra confidently about Meridian’s aggressive approach towards securing lucrative deals within this sector.”Despite that fact however,the property still sold at an impressive discount of almost forty percent which is considered quite favorable given current market conditions.”
This sale marks yet another successful venture by Meridian as they continue to dominate within the highly sought-after realm of rent-stabilized real estate investments across New York City.
