Bronx, NY – September 6, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of a portfolio consisting of three apartment buildings situated in the Pelham Parkway neighborhood of the Bronx. The final closing price was $53 million, equating to approximately $237,668 per unit and a 4% cap rate.
A Cushman & Wakefield brokerage team consisting of Director Jonathan Squires, Executive Managing Director Robert Shapiro, Associate Director Michael Fioravanti, and Associates Josh Neustadter and Addison Berniker led the marketing efforts on behalf of the seller.
“As the Bronx continues to emerge into a sought-after location, this rare portfolio offered the buyer an opportunity to acquire multifamily properties near a major commercial thoroughfare,” said Jonathan Squires of Cushman & Wakefield.
The elevator-serviced buildings are located within a three-mile radius at 2197-2199 Cruger Avenue, 2198 Cruger Avenue and 2180 Bronx Park East. The portfolio offers a total of 223 rent stabilized apartments.
Located a few blocks from White Plains Road, a major commercial thoroughfare, each property is near retail and dining options including The Children’s Place, Foot Locker and Starbucks. The properties are minutes away from the Pelham Parkway MTA subway station offering access to the 2 and 5 lines.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.