NYC Capital Value Fund II LLC purchased 974 Sheridan Ave. in the Bronx from New Start Management Corp. for $3.14 million, or approximately $64,100 per unit.
The six-story, 49-unit apartment building is comprised of 29 one-bed units, 13 two-bed units and seven three-bed units. All units are rent stabilized except for one, which is rent controlled. The property sold with a cap rate of 6.82%.
Marco Lala, Jack Lala, David Racti and Dave Simone of Massey Knakal represented both sides in the transaction. New Start Management was formerly known as Palazzolo Management Corp.
See CoStar Comp #1160250 for more information.