Zar makes first big foray into The Bronx.Zar Property NY has closed on a six building residential package in one of the Bronx's revitalized locations. The six contiguous buildings are located at 2543-2567 Decatur Avenue and command over 275 feet of frontage. They are comprised of 95 apartments with large, spacious layouts totaling 95,000 s/f. Fordham University's 85 acre "Rose Hill" campus is steps away and surrounding retailers include The Childrens Place & The Gap. "This is our first major venture into The Bronx," said David Zar, managing member. "It's difficult to develop and maintain affordable apartments in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. right now,. With the rental market tightening and the cost of land and construction nearly doubling in the past five years, we can only see upward growth at an acquisition price of a little over $60/psf". According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census estimates, the Bronx is the city's second fastest-growing borough, behind Staten Island Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. . "This was an excellent opportunity to acquire a stable income producing property with apartment rentals below market rates. We plan to upgrade and retain the properties as rental units. The upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar is phenomenal," added Simon Zar. Sale price was $5,855,000 and Wells Newell of Reilly Mann Newell Realty Group represented both parties in the transaction. |
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