ERG Commercial announced the distressed sale of a five-story multifamily building in the Fordham neighborhood of the Bronx for $2.15 million.
The 26-unit fully rent stabilized building at 54 East 182nd Street at the corner of Walton Avenue, was built in 1925 and features 20,400 sq. feet.
The building sold for a cap rate of 9.9 percent or $83,000 per unit.
Ryan Lewis of ERG represented the seller, 54 E 182nd LLC, and the buyers, active owners in the area who own multiple buildings in the area and are looking to add to their portfolio.
“At the time of closing the building had 104 violations with multiple tenants not paying rent,” said Lewis. “The buyer plans to use his extensive real estate expertise to fix up and clear the building violations to run as efficient as possible.”