Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 1776 Castle Hill Avenue, an 83-unit elevator building in the Westchester Square submarket of the Bronx, New York.
“This sale reflects the continued strength of prime submarkets, where well-positioned elevator buildings remain highly sought after,” said Benjamin Myerow of the NYM Group
of Marcus & Millichap in Manhattan. Myerow and Marcus & Millichap’s Seth Glasser and Michael Fusco represented the seller and procured the buyer. Owned and operated by the same family, the property was offered for sale for the first time in 30 years.
“Buyer appetite for stable multifamily assets in the Bronx and greater Manhattan remains strong, even in the face of broader negative national sentiment,” said Michael Fusco. “This property was sold to a buyer completing a 1031 exchange from outside New York City.”
Located on Castle Hill Avenue between Zerega and Westchester Avenues, the building is steps from the Zerega Avenue 6 Train station and Westchester Square Medical Center.
Built in 1936, the six-story, 78,000-square-foot property sits on 0.45 acres with a unit mix of 15 studios, 54 one-bedroom units, 13 two-bedroom units and one three-bedroom unit.
“Despite shifting legislation and negative headlines, investors continue to focus on long-term growth in the Bronx, where strong rent rolls and recent capital improvements are drawing serious capital,” added Seth Glasser.
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.
