The HK Organization, a Brooklyn-based real estate owner and developer has sold a 31-unit multifamily building and adjoining buildable lot in the Morrisania section of the Bronx for $3 million to a private investor.
The sale includes two contiguous five-story walk-up buildings at 988-992 Boston Road, between East 164th and 165th Street and a 3,781 sq. ft. development site at 585 East 164th Street between Boston Road and Cauldwell Avenue.
The buildings that feature 27,349 sq. ft. were built in 1910 and sold for a cap rate of 7.3% and a GRM of 8.6.
The development site has an as-of-right zoning entitlement to 9,188 sq. ft. of buildable residential space. The density allowance may be further increased to 18,149 sq. ft. with the inclusion of a community facility component.
Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented both the HK Organization and the undisclosed buyer.
