The HK Organization, a real estate owner and developer based in Brooklyn, recently completed the sale of a 31-unit multifamily building and adjacent buildable lot in the Morrisania neighborhood of the Bronx. The transaction yielded $3 million for both properties.
Included in this sale are two five-story walk-up buildings located at 988-992 Boston Road and a development site measuring 3,781 square feet on East 164th Street. These buildings were constructed in 1910 and offer a combined total of approximately27,349 square feet. The deal was finalized with an attractive capitalization rate of7.3%and gross rent multiplierof8.6.The development site is zoned for residential use with an entitlement to build up to9,188square feet; however,this can potentially be increased to18,149square feet by incorporatinga community facility component.
Representing both parties involved were Aaron Jungreis,Ben Khakshoor,and Alex Fuchs from Rosewood Realty Group who successfully facilitated this transaction without any mention or involvement from Connect CRE or its affiliates.
