Meridian Investment Sales team closed on the sale of two rent stabilized assets in the Highbridge section of the Bronx.
The $21 million transaction was spearheaded by Amit Doshi, Jonathan Shainberg and Shallini Mehra who represented both the seller, the Sedgh family and the purchaser, Joseph Jemal of ICER Properties.
950 Woodycrest Avenue is a 133 ft. wide, six-story elevator building with 61 apartments and four stores, while 957 Woodycrest Avenue is a 100 ft. wide five-story walkup with 53 apartments.
Both corner properties are directly across from one another and span a total of 128,900 s/f. The buildings feature many renovated apartments, new sidewalks, new gas boilers, and have had considerable façade work done.
“The Jemal family has a long-term vision and strategy, as they continue to be bullish on the Bronx with an eye on scale and gentrification,” noted Mehra.
“Although we are entering a new world of crippling rent regulations, these buildings have a built-in cushion of $490,000 of preferential rents which can be recaptured upon vacancy,” explained Shainberg.
The purchaser, Joseph Jemal explained, “We are optimistic that New York will bounce back and the entrepreneurial spirit will be encouraged again one day, hopefully sooner than later. This purchase was made very conservatively and with a strong going-in yield.”
The properties are within walking distance to Yankee Stadium, the Bronx County Courthouse, the 161st Street–Yankee Stadium subway station stop and the Metro-North Railroad.
Jemal added, “We will continue to look for opportunities to invest and will await to see how the real estate world reacts to a system void of incentives.”
Attorneys, Joseph Cohen and Navid Aminzadeh who represented the purchaser and the seller, respectively.