Bronx, NY, October 15, 2021 –(PR.com)– LichtensteinRE.com, as seller’s exclusive broker, has just sold an “As Is” development site with approved building plans located at 749 East 183rd Street in the Belmont neighborhood of the Bronx, NYC. The sales price was $950,000.
The property was sold with approved architectural plans to convert an existing 2.5 story, 2-unit residential building to a 4 story 8-unit building. The new owner will be able to build four 2-bedroom apartments plus four 3-bedroom apartments. It will also include a laundry room. It will be up to 5,934 buildable square foot upon competition.
The buyer developer will have a Potential Gross Annual Income of $223,248. The Projected Net Operating Income will be of $182,848 equating to a projected 19.25% cap rate, before adding in the construction costs.
The property is located on a 23’ x 75’ corner lot on a beautiful tree lined block in the Belmont section of The Bronx. Belmont is the home of the famous Little Italy neighborhood of the Bronx. The property is near the touristic attractions of the Bronx Zoo and the Botanical Garden. It is also less than a mile from Fordham University.
It is only one block from shopping and public transportation on Crotona Avenue, near the #2 and #5 trains.
The property was marketed exclusively by Andrew Lichtenstein, Inc., dba LichtensteinRE.com which has been actively selling multifamily and commercial real estate for its clients in and around New York, including a recent $6,000,000 sale of a multifamily property in nearby Haverstraw, NY and the sale of four buildings in Mount Vernon, Westchester for $3,650,000 as well as a shopping center in Congers NY for $4,000,000.
“Even in this ‘tough’ new real estate market, we are not only still doing business, but we just closed the sale of four buildings in Mount Vernon, Westchester County, a shopping center in Rockland County and master leased and got five buildings in the Bronx into contract and we have multiple properties with contracts out for signature, and closings coming up. I look forward to representing other sellers, developers, owners and buyers in this challenging time and in the future when we return to normalcy after COVID-19,” says Andrew Lichtenstein.
LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property.
DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.
LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing. To learn more contact Andrew Lichtenstein at (800) 242-9888 or AL@LichtensteinRE.com