Bronx landlord Jo-Lyn Management Corp. sold a pair of apartment buildings in the Kingsbridge neighborhood with 93 units to Asco Properties for $20 million.
Jo-Lyn owned the buildings at 231-235 West 230th Street between Kingsbridge Avenue and Godwin Terrace since 1984, the Commercial Observer reported.
They combine for 80,000 square feet and the 93 units – all of which are rent stabilized – are 100 percent occupied. The average asking rent is $1,177 per month.
The deal worked out to $250 per square foot, while the average price per square foot for comparable properties in the area is closer to $185 per square foot, according to Marcus & Millichap’s Seth Glasser, who brokered the deal alongside teammates Peter Von Der Ahe, Joseph Koicim and Michael Fusco. The buildings also have about 3,000 square feet of commercial space.
But in more than half of the apartment-building transactions between 2009 and 2016, market prices grew at least three times faster than building income did, The Real Deal reported last month.
Asco Properties, also based in the Bronx, plans to renovate and hold the buildings, Glasser said. Elsewhere in Kingsbridge, the developers of the stalled Kingsbridge National Ice Center moved one step forward to breaking ground on the $350 million project later this year. [CO] – Rich Bockmann
(To view more commercial sales transactions in the Bronx, click here)