Top 10 Fourth Quarter Bronx Real Estate Deals

280 E 161st St

The good times kept rolling in The Bronx real estate market during the fourth quarter of 2022. Industrial and multifamily properties dominated the quarter’s top deals at valuations in line with recent records. The development window has yet to close with some deals registering rich prices for Bronx dirt. The top deals also reflect unique attributes of The Bronx real estate market where social welfare and affordable housing projects have yet to feel the pressures affecting other economic sectors. Some on the winner’s list confirm record valuations, while others suggest weakness is creeping into lower tier assets. Here are the fourth quarter’s top ten valued Bronx real estate deals.

280 E 161st St

#1 – 280 E161st St, 103 E165th St, 1105 Jerome Ave & 2363 Southern Blvd

551,320 sf Elevator Apartments zoned R7-1 and R8

Sold For $107,500,000 on December 20, $195/sf and $225,367/unit

Ariel Property Advisors represented the seller of a portfolio of four multifamily projects with 477 units subsidized under HUD’s Project-Based Section 8 program, and a large development site located in the Morrisania, High Bridge, and Belmont neighborhoods of the Bronx. Their press release reported the total price of $107,500,000 but further details were scant.

261-315 Grand Concourse development site

#2 - 270 Walton Ave & 261-315 Grand Concourse

Mott Haven development site zoned C6-2A

Sold for $37,800,000 on November 23rd, $658/sf of land, and $150,000/buildable unit

Permits have been filed for another Mott Haven high rise steps from the 138th Street-Grand Concourse 4 & 5 subway station. The proposed development at the southern end of Grand Concourse plans 184,986 sf of residential and 7,040 sf of commercial space, including 240 residences, a cellar, rear yard, and indoor parking.

1170-76 Walton Ave

#3 - 111-119 Tudor Pl, 1170-1176 Walton Ave & 309 E164th St

314,590 sf Elevator Apartments zoned R7 and R8

Sold for $33,600,000 on December 2nd, $107/sf and $113,131/ unit

It was a happy holiday season at Ariel Property Advisors who kicked off December selling six elevator buildings with 297 units in Concourse and Concourse Village. Mostly 2BR units renting below $1500/m, $2,768,219 NOI equates to an 8.24% cap rate. Near the B and D subway, R8 zone provides significant expansion opportunities.

500 Zerega Ave

#4 - 470-502 Zerega Ave

8,600sf Industrial facility on 34k sf of land zoned M1

Sold for $21,000,000 on November 17th, $2,442/sf and $611/sf land

Verizon loves the 4 adjoining waterfront lots near Ferry Point that the company had been leasing so much that they paid a premium price for the Castle Hill assemblage.

1175 Leggett Ave

#5 - 1173-1175 Leggett Ave

26,150 sf Industrial facility and adjoining lot zoned M1-2, HP

Sold for $15,250,000 on December 5th, $583/sf and $301/sf land

Easco Boiler Corp sold the multi-tenant Hunts Point manufacturing facility with an adjoining vacant lot to Turnbridge Equities through a bankruptcy auction for $15.25 million, or approximately $305 per square foot. Below the $16 million stated minimum bid.

1790 Marmion Ave

#6 - 1790 Marmion Ave & 671-673 E231st St

12,000 sf Specialty properties zoned R7 & R5A

Sold for $12,934,000 on December 9th, $1,078/sf and $1,358/sf land

Former mental health facility operated by The Bridge on Marmion Ave near Crotona Park North sold for its R7 zone. Another drug rehab facility on 231st St is zoned R5, both sites are near the 2 and 5 subway lines.

725-737 Fox St

#7 - 725 & 737 Fox St

104,400sf Elevator Apartments zoned R7

Sold for $12,150,000 on October 11th, $116/sf and $112,500/unit

A third marquee deal from Ariel in the fourth quarter selling a pair of adjacent elevator buildings with 106 residential units near the Longwood 6 train. The properties are comprised of mostly two-bedroom units. Average rents below $1,100. $712,507 NOI equates to a 5.9% cap rate.

1285 Oak Point Ave

#8 - 1285 Oak Point Ave

40,000 sf Industrial facility zoned M1

Sold for $9,000,000 on October 19th, $225/sf

Flex warehouse with interior dock, 5 large drive in doors, 14′- 22′ ceiling heights, heavy floor load, water, drains, gas heat & +/- 8,000sf of office space. Sold by NY Commercial Realty Group after being marketed for lease since the summer and offered at a higher price since 2020.

3663 White Plains Rd, Bronx NY

#9 - 3642 Willett Ave & 3663 White Plains Rd

8,480 sf Religious facility zoned R5A and R7A

Sold for $7,500,000 on October 18th, $884/sf and $222/sf land

The former St John Nam Korean Catholic church a few blocks north of the Gun Hill Rd 2 and 5 subway station sold to WellLife Network serving individuals with intellectual disabilities and mental illness.

#10 - 1701 Parkview Ave

21,042 sf Elevator Apartments zoned R7

Sold for $6,700,000 on December 1st, $318/sf and $304,545/unit

Ariel also advised the buyer of this Pelham Bay new construction built in 2018. 22 units have asking rents around $2k, and R7 zone supports a premium valuation on the edge of Pelham Bay Park and a short walk to the 6 train.

Congratulations to Ariel Advisors on a great quarter and exposing interesting trends in the multifamily market. The list also shows bifurcation emerging in land and industrial assets. Those trends become more clear when looking at the total Bronx real estate market which shows continued strength at the high end but weakness in assets with issues. We are taking a close look at all our benchmarks and will be making some minor revisions soon. So, please subscribe for FREE to catch all our timely market intelligence.

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