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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.
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Article Details
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Mar 1, 2006
Previous Article:Beacon enters downtown market with $134M Wall St. buy.
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