J. Wasser & Company, a Brooklyn-based commercial real estate management and acquisitions firm, has purchased two, five-story walk-up apartment buildings around the corner from each other with 64 apartments in the Fordham section of the Bronx for $10 million.
Together the buildings at 2263 Morris Avenue and 2342 Ryer Avenue, total 46,370 square feet. The Morris Avenue building was built in 1925 and the Ryer Avenue building was built in 1916. Combined, they sold for 11 times the current annual rent roll at a 5.5 percent cap rate.
Rosewood Realty Group’s Aaron Jungreis represented the buyer, J. Wasser & and the seller, 2342 Ryer AvenuePartners LLC and 2263 Morris Avenue Partners LLC.
J. Wasser & Company which was founded in 2007 by Joe Wasser, has grown from managing 400 units in 50 buildings to over 2,600 residential, mixed-use and commercial units in over 170 buildings.
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