Bronx investor Ved Parkash has acquired an 80-unit apartment building in Fordham Heights.
Rosewood Realty Group brokered the the $11.5 million sale of the six-story, 74,580 s/f elevator building at 2055 Anthony Avenue.
The sale price equates to a six percent cap rate and 10 times the current, rent roll, according to Rosewood’s Aaron Jungreis, who represented both the seller, the Morgan Group, a Greenwich, Conn.-based multifamily investor, and the buyer, the Parkash Group.
Built in 1920, the rent-stabilized property has 30,800 s/f of air rights and a superintendent’s apartment in the basement.
“This sale marks our 10th sale in the Bronx so far this year,” said Jungreis, noting he is seeing a renewed interest in the Bronx. “This building was well maintained for the past 10 to 20 years so the buyer has very little capital improvements to do.
“ Also the rents are relatively low to start with, so collections have been pretty strong, making it a good investment for the buyer.”