Bronx apartment package fetches $21m

A five-building portfolio of under-market apartments has been snapped up in Williamsbridge. 

Marcel Fridman, president and co-founder of the Barcel Group, brought the buildings--4002-4004 4012-4016, 4053-4055, 4126-4132 and 4136-4142 Carpenter Avenue--in the Bronx neighborhood to market and procured the buyer. 

In all, the five buildings contain 264 units. All are five story, walk-up apartment buildings located within two blocks of Montefiore hospital. 

According to Fridman, most of the tenants living in the buildings are employees of the hospital and average rents in the property are $825. 

"It's very rare to find five buildings with so many units on the same block for sale, said Fridman. "The property had been in the same family for over 30 years." 

The buildings traded for $21.15 million, a price that reflects a gross rent multiple of 7.5. 

"The buildings have tremendous upside with the average rent only being at $825; the purchaser quickly realized this opportunity and jumped on the deal," added Fridman.