Printer Friendly

Pelham bulding sold after flurry of offers.

Frank T. Chiarello, President of WRA Properties, Inc. announced the sale of a 7-story self service elevator building located at 1144 Pelham Parkway South in the Pelham Bay section of the Bronx in a transaction valued at $8,200,000.

The size of the property is 152 x 138, with the building being built 141 x 123. It sits on the southeast corner of Williamsbridge Road and Pelham Parkway South. The building consists of 63 apartments, including one professional unit plus an underground parking garage which has a 12 car capacity. The property, built in 1959, features air-conditioning sleeves, new roof, boiler, mailboxes and updated lobby.

The property sold for a gross rent multiple of 10.25 and a capitalization rate of just over 5% (excluding cell tower and laundry income). The price per apartment is over $130,000 which translates into a sale price of approximately $31,500 per room.

"This property was under the same ownership for over 35 years and represented a truly exceptional opportunity to purchase a well-kept building in a prestigious location, virtually a once in a lifetime deal", said WRA Properties President, Frank T. Chiarello.

Senior sales associate, Marc Alper added, "We had multiple offers on this unique property due to its location and co-op potential."

The owner selected WRA to exclusively represent them and WRA Properties was the sole broker on this transaction.
COPYRIGHT 2006 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Mar 1, 2006
Words:230
Previous Article:Beacon enters downtown market with $134M Wall St. buy.
Next Article:Round two for CBRE at LI's Motor Parkway.
Topics:


Related Articles
Grubb & Ellis completes sale of three auctioned properties.
Has the tide turned for NY real estate?
Pelham Bay Professional Center renovated; expansion is planned.
City councilwoman to address ABO Jan. 16. (Transcripts).
Bank's high-speed digital cameras ensure customer safety.
Houlihan/Lawrence expands into Pelham.
Pelham station is next stop for H/L.
Westchester brokerage udergoes an upgrade.
Houlihan Lawrence opens two new office locations.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters