Bronx deals bring in $49M for Capin.

Lazer Sternhell, Timour Shafran and Peter Vanderpool have closed five new transactions in the Bronx involving nine buildings worth a total of $49,000,000.

Two of the properties, both of them six stories, are located at 690 & 655 Allerton Avenue and were sold by Solomon Management Co., LLC, to Dalan Management, represented by Sternhell, Shafran and Vanderpool, for $19.5 million. The buildings have a total of 144 apartments and 23 retail stores.

"The apartment rents are below market and, because the properties are located near a busy intersection with a major subway station, the retail spaces make these properties particularly attractive," according to Sternhell.

The three Capin brokers also represented both the buyer and the seller in the $18.3 million sale of four properties at 3120 Bainbridge Avenue, 281 East 205th Street, 3414 Knox Place and 219 Miriam Street in a nearby North Bronx neighborhood. The portfolio consists of three six-story elevator buildings and one five-story walk up with 203 apartments and eight stores.

The trio also sold--3505 Rochambeau Avenue, which sold for $4,892,500, and 3525 Bainbridge Avenue, which sold for $3,125,000.00 The six story building on Rochambeau Avenue contains 35 apartments and five retail stores and is located directly across the street from the main entrance to Montefiore hospital.

"Below market rents made that deal attractive, but the street level retail stores made it enticing," says Sternhell. "The six story building at 3505 Bainbridge Ave has 39 apartments with a low average rent and "excellent upside potential for the new owner."

And, finally, the Capin team represented a New York City family in the sale of six-story elevator building at 2528 Cruger Avenue to for $3,190,000. The building contains 42 apartments.