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Bronx seller turns hefty profit: Besen & Associates.

A Bronx building owner just made $18 million on a property he bought for $1 million.

Besen & Associates sold 3873 Orloff Avenue in Van Cortlandt Village for $19.2 million on behalf of a private individual investor, who owned only this property, which he acquired in 1994 for $1 million.

"This is unquestionably a shining example of capital appreciation for The Bronx," said Besen's Amit Doshi, who brokered the sale with Lynda Blumberg.

"Quality asset, excellent North Bronx location ... the seller was rewarded for his patience."

The seven-story residential building has 90 apartments and a 56-car garage. Built in 1964, the 93,767 s/f property has two elevators and a full basement with windows.

3873 Orloff Avenue is situated in a cul-de-sac near Riverdale, the #4 subway stop, Lehman College, and Van Cortlandt Park.

The price per square foot of the property amounts to $203, the price per unit is $211,000, capitalization rate of 4.8 percent and a gross rent multiplier of 12.8.

"Many of the 1960's construction buildings in this area and on Orloff have already been converted to co-ops, which speaks to the strength of this location," noted Blumberg.

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Title Annotation:SELLING POINTS
Comment:Bronx seller turns hefty profit: Besen & Associates.(SELLING POINTS)
Publication:Real Estate Weekly
Article Type:Brief article
Date:Feb 24, 2016
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