April 2, 2020 Comments Off on New Rochelle Apts. Trade After 9-Decade Hold Views: 841 Fairfield / Westchester, New York News, Tri-State Area New York

New Rochelle Apts. Trade After 9-Decade Hold

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Meridian Investment Sales’ Amit Doshi, Shallini Mehra and David Schechtman teamed up for the $10.75-million sale of 246-248 Centre Ave., a 77-unit apartment property in New Rochelle, NY.

The team represented both the seller, Rosedale Management, which had owned the property since 1932, and the purchaser, Gjonlekaj Inc.

“Initially, we priced this asset at $13 million, but the market took a toll and prices across the board fell up to 40% from their initial ask,” said Schechtman. “The less than 18% discount that we achieved speaks volumes of the quality of the asset, tenancy, management, records, and the location.”

This sale comes on the heels of Schechtman, Doshi and Mehra’s recent sale of six-story elevator apartment buildings at 1491-1493 Watson Ave. and 1126-1130 Evergreen Ave. in the Soundview neighborhood of the Bronx, also for Rosedale Management.

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