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Deals & Dealmakers

Rosewood brokers $11M Bronx multifamily trade

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.

AARON JUNGREIS

“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.”

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