Bronx Sale Illustrates Demand for Stabilized Housing Stock
Marcus & Millichap finalized the sale of a 97-unit multifamily property at 1154 Ward Ave. in the Bronx for $7.5 million. Built in 1929, the six-story elevator building totals 90,000 square feet and is located in the Soundview neighborhood.
“This sale is a prime example of continued demand for clean, well-managed rent-stabilized apartment buildings with healthy collections,” said Michael Fusco. “Regardless of any compliance and political headwinds in New York, long-term money is still finding value in the stabilized housing stock.”
Fusco, along with Seth Glasser and Benjamin Myerow, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller and procured the buyer. Both parties are local private investors.
“High-net-worth, local private families continue to win deals and deploy capital,” Fusco added.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout