September 15, 2017
Investors paid $5 million for the 31 apartments at 2886 Briggs Ave., located near Forham University in the Bronx. That works out to a price of about $161,000 per unit.
“Although encumbered with rent stabilized units, buildings with low rents are still very desirable in anticipation of increasing demands,” said Jack Lala, an agent with Marcus & Millichap, which exclusively market the property on behalf of the seller, a private trust, and then procured the buyer, a limited liability company.
The team achieved a price that is nearly $2 million higher than what the seller paid to purchase the property less than two years earlier.
“At almost 13 times the rent roll, we achieved a top of the market price for this mid-block, six story walkup in the Bedford Park area of the Bronx,” said Lala.
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