NEW YORK, NY – November 13, 2017 – Ariel Property Advisors has been exclusively retained to sell 1417 Longfellow Avenue, a newly constructed multifamily building in the Morrisania section of The Bronx. The asking price for the seven-story property is $10.25 million.
The 50’ wide building, which spans 28,255 square feet, is located on the west side of Longfellow Avenue between Freeman and Jennings Streets, one of the most desirable areas in the neighborhood. The property, developed in 2017, benefits from a 25-year 421-a tax abatement that is set to expire in the year 2042.
The asset, inhabited by thirty-eight (38) residential units, is fully leased, with residential units operating at an average of about $32 per square foot. In addition, the building benefits from supplemental income derived from 12 parking spaces and a card operated laundry service. Given its cap rate of 5.50%, an investor benefits from a high-yielding property.
Exclusive agents Jason M. Gold, Victor Sozio, Andre Sigourney, Marko Agbaba, and Orry Michael are representing the seller.
“This property presents investors with a truly unique opportunity to own a newly constructed cash-flowing asset that benefits from long-lasting tax abatement,” said Jason Gold, Director at Ariel Property Advisors. “The ability to capitalize on the area’s future upside and continued growth cannot be overstated.”
The building is conveniently located a mere two blocks east of the 2 and 5 subway lines on Freeman and Southern Boulevard, as well as the Bruckner and Sheridan Expressway, providing residents multiple methods of transportation to locations throughout Manhattan and outer-borough locations.
More information is available from the exclusive agents at 212-544-9500: Jason M. Gold, ext. 22, firstname.lastname@example.org; Victor Sozio, ext. 12, email@example.com; Andre Sigourney, ext. 55, firstname.lastname@example.org; Marko Agbaba, ext. 32, email@example.com; and Orry Michael, ext. 4002, firstname.lastname@example.org
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via email@example.com
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.