By Dan Orlando
A first-time Bronx buyer has set a record for property in the Hunts Point section.
1314 Seneca Avenue sold for $7.6 million. The transaction registers as the highest price per unit sale in the South Bronx’s history, with each of the 60 apartments commanding $126,667 each.
The 64,000 s/f elevator building also contains two retails spaces, currently occupied by a laundromat and a deli.
The sale was handled by Alpha Realty with Lev Mavashev representing the buyer and Jacob Aronov representing the seller.
“The buyer is actually a Brooklyn landlord and this is his first purchase in the Bronx,” Mavashev told Real Estate Weekly while discussing his client.
“He believes in the area. The biggest upside he saw here is the huge apartments.”
Mavashev said that the new owner plans on converting many of the apartments from large one bedrooms into sizable two bedrooms.
“The seller initially had no interest in trading this property until a very attractive unsolicited offer changed his thinking,” said Aronov.
Alpha feels that the unsolicited interest is a result of the area’s yet-to-be-tapped potential.
“Investors have been looking for larger buildings and portfolios in the outer boroughs, especially the Bronx, because the prices make more sense than that of Brooklyn and Manhattan,” said Mavashev.
“They like the combination of proximity and fast travel to Manhattan, with the appealing financials many of these buildings possess. It’s really business as usual, just a record breaking price.”