NEW YORK, NY – November 7, 2019 – Ariel Property Advisors has been exclusively retained to sell a collection of 10 mixed-use and multifamily properties located in Belmont, Highbridge, Foxhurst and the South Bronx. The collective asking price for The Bronx buildings, which are being offered as packages and stand-alone assets, is $33.25 million.

Belmont

2483 & 2476 Cambreleng Avenue – The mixed-use and multifamily buildings–which offer steady cash flow, significant upside, and a prime location near Fordham University–are located on Cambreleng Avenue between 189th Street and East Fordham Road. 2483 Cambreleng Avenue, which spans 20,235 gross square feet, is 75’ wide and is composed of 21 residential units as well as one retail unit. 2476 Cambreleng Avenue is a 12,701 gross square feet multifamily property that is 50’ wide and composed of 17 units. The asking price for the package is $11 million.

615 East 189th Street – Located in the heart of The Bronx’s Little Italy, the mixed-use walk-up building is located on the north side of 189th Street and Hughes Avenue. Spanning approximately 14,000 square feet, the property contains 24 residential units, all of which are rent stabilized, and 2 retail units. Current ownership has improved the building via Major Capital Improvements (MCI) in recent years, with the property benefiting from a J-51 tax abatement. The asking price for the building, located just 1 block from the famous Arthur Avenue, is $5.75 million.

2470 Beaumont Avenue – Situated near The Bronx’s Little Italy, the mixed-use walk-up building is located on the east side of Beaumont Avenue and 189th Street. Spanning approximately 9,900 gross square feet, the property contains 12 residential units as well as 2 retail units. Current ownership has improved the building via Major Capital Improvements (MCI) in recent years. The building is near Fordham University, making it an ideal destination for students seeking quality housing options. The asking price is $3 million.

4683 Park Avenue – A vacant multifamily building located on the West side of Park Avenue between East 187th Street and East 188th Street. Spanning 9,600 gross square feet, the building is 4 stories and contains 8 residential units. Ownership is in the process of removing the property’s interior walls in order to provide the future buyer with open floorplates. The asset – which provides investors and developers with an excellent value-add opportunity aimed to capitalize on the area’s many students seeking quality housing options – is being offered at $2.4 million.

South Bronx

724 Elton Avenue & 467 East 155th Street – A four-story conversion opportunity with a viable parking lot that is located in the heart of The HUB, which is called “The Broadway of the Bronx” because of its plethora of retail, theater, and restaurants. The 724 Elton Avenue property consists of four floor-through units with the ground floor being leased to a retail healthcare tenant, which has a lease until 2025. The 467 East 155th Street asset is a 330 square foot parking garage with favorable C4-4 zoning allowing approximately 17,200 buildable square feet on an as-of-right basis and 32,500 buildable square feet with community facility bonus. The asking price for the package is $3 million.

Highbridge

993 Summit Avenue – Located in close-proximity to Yankee Stadium and East 161st Street, the walk-up multifamily building is located on the west side of Summit Avenue between 164th Street and 162nd Street. Spanning approximately 9,032 gross square feet, the property contains nine spacious rent-stabilized apartments. Current taxes are only $0.87 per square foot and tax increases are capped because of the 2B Protected Tax Class. The asset, which benefits from high cash flow in a rapidly growing location, is being offered at $1.925 million.

Foxhurst

1130-1134 & 1142 Bryant Avenue – A package of three walk-up multifamily buildings located on the east side of Bryant Avenue between East 167th Street and W Farms Road. 1130-1134 Bryant Avenue: Two contiguous 4-story multifamily walk-up buildings totaling 11,466 square feet containing 16 units. Both assets are encumbered by a J-51 Tax Exemption expiring in 2024 and 2041, respectively, while the J-51 Tax Abatement expires in 2029 and 2040. 1130-1134 Bryant Avenue are currently leased out to a non-profit organization on a NNN (Triple Net Lease) basis. 1142 Bryant Avenue is a 4-story, 5,696 gross square feet building consisting of 8-units. The asking price for the property portfolio is $6.25 million.