July 10, 2020
Meridian’s Amit Doshi and Shallini Mehra closed on the sale of 3111 Heath Ave. in the Kingsbridge Heights neighborhood of the Bronx. The six-story elevator building sold for $10.25 million.
“Prior to the June 2019 rent law changes and COVID-19, we had a deal on this asset for $13 million,” said Doshi. “The fundamental changes in rent laws eroded $3 million in market value. Furthermore, the 150-foot-wide retaining wall collapsed, which the seller replaced at their own expense of $2 million.”
In short, he continued, “anything and everything that could have gone awry with deal did. However, with patience, persistence, and perseverance, we successfully closed the transaction.”
Doshi and Mehra, along with Seth Glasser and Michael Fusco of the New York Multifamily Group at Marcus & Millichap, represented both the seller, the Caruso family, and the purchaser, Doug Peterson of City Skyline Realty in the brokerage teams’ co-exclusive.
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