Sierra acquires three Bronx properties for $15.5 million; Represented by Stein of SBS
July 25, 2011 - Brokerage
Sierra Realty Corp. and affiliates have purchased a three-building portfolio of elevatored apartment buildings in the Highbridge and Morrisania sections, according to Sierra president James Wacht.
The portfolio was acquired for $15.5 million through affiliate entities Miles Sherman, LLC; Coltrane Hoe, LLC; and Thelonius GC, LLC. Mortgage financing of $11.625 million was obtained through Bridgehampton National Bank at a rate of 4.375% for a term of five years, with a five-year renewal option.
The acquired buildings are 1515 Grand Concourse, containing 73,692 s/f and comprising 76 units; 1136 Sherman Ave., totaling 52,000 s/f in 46 residential units and three retail spaces; and 1052 Hoe Ave., with 53,744 s/f in 53 residential units and three retail spaces.
The seller was represented by Stuart Stein of SBS Associates.
"Manhattan is by no means the only worthwhile borough for investment in residential property," said Wacht. "Several years ago, we set our sights on Brooklyn and have now shifted our focus to The Bronx. While Manhattan properties are priced at significant premiums, the outer boroughs offer excellent value. These particular buildings are in terrific condition, with few violations, and are currently at 100% occupancy. They were owned by the same family for over 40 years and were exceptionally well-maintained. We are actively seeking to acquire other multi-family assets in the outer boroughs."
The three buildings will undergo light cosmetic work, and one will be converted from oil to gas heat.