Rosewood reels in trio of multifamily buyers: Rosewood Realty.
In a flurry in the first quarter of 2016, Rosewood Realty Group has closed deals totaling over $80 million.
Rosewood's David Berger represented Borough Park investor Bernard Miller in the $45.7 million sale of Fordham Heights apartment portfolio. The package contains 305 apartments across 271,000 s/f. Built in the 1920s and 30s, there are three six-story elevator buildings, two five-story walk-ups and one five-story walk-up. The addresses are 2063-2065,2075,2084 and 2095 Creston Avenue, 108 Field Place and 2324 Morris Avenue.
The deal closed at around $170 psf, or 10.5 times the current rent roll. The buildings have a cap rate of six percent.
Miller, who owned the properties since the late 1990's, sold told John LaRocca of Arena Real Estate. Rosewood's Aaron Jungreis represented the buyer.
LaRocca, who is also a broker in Brooklyn, is planning to hold the buildings long term and renovate them. His firm has multifamily holdings in Brooklyn, Queens and Staten Island.
Jungreis represented the buyer and seller of 730 Riverside Drive, an 11-story apartment building in Hamilton Heights in Manhattan.
Built in 1920, the property (aka 621-625 West 150th Street) is 107,530 s/f. At $33 million, it sold for 20 times the current rent roll at a cap rate of 3.64 percent.
Jungreis closed the month with the $2.01 million sale of 344 East 148th Street in Mott Haven(aka 517 Courtlandt Avenue.)
The four-story walk-up has 14 apartments and two commercial units. It is 9,870 s/f and it was built in 1910. It sold for 8.5 times the current rent roll and the CAP rate was eight percent.
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|Title Annotation:||SELLING POINTS|
|Comment:||Rosewood reels in trio of multifamily buyers: Rosewood Realty.(SELLING POINTS)|
|Publication:||Real Estate Weekly|
|Date:||Apr 13, 2016|
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