The Lightstone Group, a privately held real estate investment company which owns and operates a diverse portfolio of multifamily, office, hotel, industrial and retail properties, has purchased a six-story elevator mixed-use building in the Concourse sectio
n of the Bronx for $23.8 million.
The 135,202 square foot building, built in 1927, is known as Sheridan Court Mews at 201 E 164th Street. It features 129 rental apartments, a super’s unit and one commercial space.
The sale of the building for $23.8 million equates to $181,679 per unit. It sold for 15 times the current rent roll, at a 3.5 percent cap rate.
Westbridge Realty Group’s Adam Traub and Ariel Benyacov represented both the buyer and seller, Sheridan Court Mews Associates L.P. (Philip Schorr.)