Bronx Multifamily Sells for $7 Million

Michael Laub Co. LLC sold the 66-unit multifamily complex at 2842 Grand Concourse in the Bronx to Parkash 2842 LLC for $7.05 million, or approximately $106,800 per unit.

Built in 1923, the 80,170-square-foot property consists of 65 residential apartment units and one ground-level retail unit. It was reported that the transaction represented a capitalization rate of 6.40% and was the seller's downleg in a 1031 tax deferred exchange.

Amit Doshi of Besen & Associates represented both parties in the transaction.

For more information, please refer to CoStar COMPS #1459287.