Two contiguous apartment buildings at 770 and 780 Garden Street, located between Prospect Avenue and Southern Boulevard in the Belmont neighborhood of the Bronx, were sold in an all-cash transaction valued at $8,700,000.
The six-story, elevator buildings total approximately 96,344 square feet and consist of 113 units including two three-bedroom units, 24 two-bedroom units, 66 one-bedroom units, and 21 studios. 770 Garden Street is a 52-unit building containing approximately 48,172 square feet on a 130.33’ 107.67’ lot. 780 Garden Street is a 61-unit building containing approximately 48,172 square feet on a 110’ x 100’ lot. The sale price of the two buildings equates to approximately $90 per square foot.
“Even though these properties had a troubled past and substantial deferred maintenance, the overall strength of the New York City multifamily market and lack of supply for elevator product, allowed us to sell in a competitive bidding environment for a top market price,” said Massey Knakal’s Karl Brumback, who exclusively handled this transaction with Bob Knakal and David Simone.
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Neighborhoods: Belmont/ Agents: Karl Brumback