Done Deals: Northeast PCG Closes New York and Connecticut Sale in Active Year-End Market

Thursday, January 23, 2014

Northeast PCG Closes New York and Connecticut Sale in Active Year-End Market

35 Thompson Street, New Haven, CT

Edward Jordan

WHITE PLAINS, NY and BRIDGEPORT, CT– Investment sales broker Northeast Private Client Group has announced the year-end sale of four apartment properties:

34 Pier Street, Yonkers, NY;
137 East 233 Street, Bronx, NY;
35 Thompson Street, New Haven, CT;
50 Maple Avenue, Cheshire, CT.

The four properties traded in separate transactions for a combined value of $4,955,000, representing a blended 7.0% capitalization rate on current Net Operating Income.

Edward Jordan, JD, CCIM, the firm’s managing director, led a team of agents based in White Plains, NY, and Bridgeport, CT, that represented the sellers and buyers in the four separate transactions.

“The success of these transactions are proof positive of our commitment to relationship-based brokerage,” said Jordan. “With our relationships and market expertise across the region, we identified the buyers best suited to these specific investment opportunities.”

Steven D'Ambrosio

The 34-unit multifamily property at 34 Pier Street in Yonkers, NY, sold for $2,400,000 in a transaction assisted by Steven D’Ambrosio, an associate in the firm’s White Plains, NY, office. The price equates to $70,588 per unit, which represents a gross rent multiplier of 7.0 and a capitalization rate of 6.5%.

The 8-unit mixed-use property at 137 East 23 Street, Bronx, NY, sold for $990,000 in a transaction assisted by Anthony Watkins, senior associate in the firm’s White Plains, NY, office. The price equates to $123,750 per unit, which represents a gross rent multiplier of 8.8 and a capitalization rate of 7.4%.

The 6-unit mixed-use property at 35 Thompson Street, New Haven, CT sold for $475,500 in a transaction assisted by Bradley Balletto, regional manager in the firm’s Bridgeport, CT, office. The price equates to $79,250 per unit, which represents a gross rent multiplier of 7.8 and a capitalization rate of 8.5%.

The 8-unit multifamily property at 501 Maple Avenue, Cheshire, CT, sold for $1,090,000 in a transaction assisted by Taylor Perun, an associate in the firm’s Bridgeport, CT, office. The price equates to $136,250 per unit, which represents a gross rent multiplier of 8.7 and a capitalization rate of 7.1%.

For a complete copy of the company’s news release, please contact:

Randy Savicky

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