March 21, 2017 Comments Off on Bronx Investors Paid $50M for Apartment Properties Views: 160 New York News, Uptown/Bronx New York

Bronx Investors Paid $50M for Apartment Properties

The Bronx was the only part of New York City where investors spent as much to buy apartment properties in January, 2017 as they did the month before. Everywhere else in the city, investors took a break from the wave of apartment portfolio buys.

Investors bought eight apartment properties in the Bronx, totaling $48.9 million in gross consideration for January, essentially in-line with the previous month, according to Ariel Properties.

Prices continued to rise, with transactions including the $14.5-million sale of two 94-unit mixed-use walk-up buildings at 65 Jesup Place & 1465 Jesup Ave. in the Highbridge neighborhood. The price works out to $181 per square foot, and $154,255 per unit.

Investors also paid $2.7 million for 271 E. 150th St. in the Melrose neighborhood. That works out to $259 per square foot, and $136,933 per unit for the 20-unit mixed-use walk-up building.

Read More at Ariel

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