Cushman & Wakefield announced the sale of 1150 Pelham Parkway, a 57,558 s/f apartment building with a 22-space parking garage located in the Pelham Parkway neighborhood of the Bronx.
The final sale price was $10,000,000, equating to more than $173 per square foot.
A Cushman & Wakefield team of Robert M. Shapiro, Jonathan Squires and Michael Fioravanti represented the seller in the transaction.
“This property was sold post-rent reform and in the middle of the pandemic, proving that the multifamily market in New York City can survive almost anything.” said Shapiro. “A pristine apartment building on Pelham Parkway with long-term ownership is one of the most highly-coveted assets in the Bronx,” added Squires.
Built in 1955, 1150 Pelham Parkway is a 6-story elevator building with 50 units, consisting of 6 three-bedrooms, 18 two-bedrooms, 6 junior fours and 21 one-bedrooms. The property is located near Albert Einstein College of Medicine, the Bronx Zoo, the Botanical Gardens and Fordham University. The surrounding area is in proximity to major hospitals and private medical facilities.