Overview

Description

Ariel Property Advisors has been retained to sell a package of 5 free-market multifamily buildings on Elder & Fteley Avenue in the Soundview section of the South Bronx.

Elder & Fteley Portfolio is a package of 5 free-market multifamily buildings consisting of 21 residential apartments and grossing 16,080 Square feet. The properties consist of one 5-unit buildings and four 4-unit buildings totaling twenty-two (21) spacious 3-bedroom apartments. The portfolio offers investors a rare opportunity for a significant value-add as tenants leases turnover and new ownership can take advantage of the increased Section 8/Market Rent appreciation. In addition, the portfolio benefits from a protected tax class 2A as well as favorable zoning (R6) which offers roughly 12,000 buildable square feet of air rights.

Elder & Fteley Portfolio provides easy access to Bruckner Expressway, Robert F. Kennedy bridge, 278, and the Bronx River Parkway. The portfolio is conveniently located steps away from the 6 subway train. The package is in close proximity to the rapidly growing South Bronx with institutional investors and credit tenants increasing their presence in the area such as Amazon, Fresh Direct, Manhattan Beer Distributors and York Movie Studios. Other major ongoing and completed projects are The Arch’s - a pair of 25-story towers on the Harlem River consisting of 483 units and Brookfield’s Bankside which is comprised of 1,350 units that will change the skyline of the emerging South Bronx.

Documents

---