March 4, 2019, New York, NY
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold 215 East 197th Street, a multifamily property in the Bedford Park neighborhood of the Bronx for $8.6 million. Senior Executive Managing Director, Amit Doshi, and Managing Director, Shallini Mehra, represented the seller and procured the buyer in this transaction. Meridian Vice President Jacob Schmuckler had a long-standing relationship with the seller and originated the lead.
Constructed in 1923, the five-story building contains 52 apartments and spans 48,750 square feet. “The property features spacious layouts, very low average monthly rents of $994 per unit, and sold for $175 per square foot, a new low in today’s market,” said Ms. Mehra. “These and other salient features of the asset afford tremendous rental upside.”
The property is located between Grand Concourse and Valentine Avenue in Bedford Park and enjoys close proximity to Lehman College, which enrolls approximately 12,000 students per year, in addition to the Bronx High School of Science and the New York Botanical Garden. “This well-maintained asset is ideally located on a quiet block just east of the Grand Concourse and south of East 198th Street and its neighborhood amenities,” said Mr. Schmuckler. “The cache of North Bronx is still strong, especially on and off the Concourse.”
The property is easily accessible via the 4 and D trains at the Bedford Park Boulevard stations, the Metro-North Railroad at the Botanical Garden Station, and various local bus routes.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 billion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com