Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 97-unit multifamily property at 1154 Ward Avenue, in Bronx, New York.
“This sale is a prime example of continued demand for clean, well-managed rent-stabilized apartment buildings with healthy collections,” said Michael Fusco. “Regardless of any compliance and political headwinds in New York, long-term money is still finding value in the stabilized housing stock.”
Fusco, along with Seth Glasser and Benjamin Myerow, investment specialists in Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller and procured the
buyer. Both parties are local private investors. “High-net-worth, local private families continue to win deals and deploy capital,” Fusco added.
Built in 1929, the six-story elevator building totals 90,000 square feet and is located in the Soundview neighborhood of the Bronx. The property is near the 6 train at Elder Avenue. The surrounding area is densely residential, with nearby schools, parks and retail corridors along Westchester Square and Southern Boulevard.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
