CBRE Group, Inc. announced that it has arranged the sale of 1420 Grand Concourse, Bronx, N.Y., for approximately $18.7 million. The 140-unit multifamily building has the highest recorded price per unit for a walk-up in the South Bronx.
CBRE’s Tri-State Investment Properties team of Charles Berger and Mark Silverman, of New Jersey Investment Properties, and Elli Klapper, of New York Investment Properties, represented the seller and procured the buyer in the transaction.
The CBRE team was able to quickly obtain the buyer, a CBRE Investment Properties client, and secure top pricing for the off-market property within 45 days. The new owner plans to hold onto the property for investment purposes.
“The Bronx multifamily market is on fire and is one of the most in demand areas in the Tri-State region, with the Grand Concourse market receiving most of that interest,” said Elli Klapper. “With this off-market transaction, we are glad to have been able to secure such aggressive pricing for the seller and, at the same time, provide the buyer with a highly sought after deal that we closed in just 45 days.”
Located on the main thoroughfare, 1420 Grand Concourse offers a convenient location, with subway access directly adjacent to the property.