The Reel

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A blog for breaking sales and neighborhood real estate news.

Three contiguous apartment buildings at 3401, 3403, and 3405 Riverdale Avenue located between West 232nd and West 235th Streets in the Riverdale neighborhood of the Bronx, were sold in an all-cash transaction valued at $2,425,000.  The three buildings total nine free market units and approximately 16,550 square feet on a 100’ x 100’ lot.

The four-story buildings were built in the early 1990s and have the same three unit configuration, with a ground level four-bedroom, two-bathroom duplex, a middle three-bedroom, two-bathroom unit and a top floor three-bedroom, two-bathroom unit.  Each building benefits from three parking spaces, with one garage space for the ground floor, plus additional paved parking for two more vehicles.  The properties are sprinklered, have a common washer/dryer, and each unit is separately metered for gas heat.  The sale price equates to approximately $147 per square foot.

The properties are located just off of the Riverdale Avenue commercial corridor, a short walk to the Johnson Avenue/235th Street retail shopping area.  Additional shopping is a short ride down the hill into Kingsbridge along the rapidly emerging Broadway corridor.  The nearby Henry Hudson Parkway provides easy access to Westchester and Manhattan and both the Major Deegan Expressway and Bronx River Parkway are within minutes of the properties.  In the immediate area, Montefiore Hospital will occupy almost 100,000 square feet of new office space, nearby condos are selling out and local retail has been growing strongly.

“Due to its desirable Riverdale location and value-add potential, we had a strong response from a buyer pool that previously overlooked the Bronx market.  As more neighborhoods begin to evolve, we expect this trend to continue,” said Massey Knakal’s Karl Brumback, who exclusively handled this transaction with Paul Smadbeck.

Click here for press release

Neighborhoods: Riverdale/ Agents: Karl Brumback