Northeast PCG Closes New York & Connecticut Sales in Active Year-End Market

56 Units Valued at $4.9m Trade in Four Transactions
WHITE PLAINS, NY, & BRIDGEPORT, CT, January 22, 2014 – Investment sales broker Northeast Private Client Group has announced the year-end sale of four apartment properties: 34 Pier Street, Yonkers, NY; 137 East 233 Street, Bronx, NY; 35 Thompson Street, New Haven, CT; and 50 Maple Avenue, Cheshire, CT. The four properties traded in seperate transactions for a combined value of $4,955,000, representing a blended 7.0% capitalization rate on current Net Operating Income.

Edward Jordan, JD, CCIM, the firm’s managing director, led a team of agents based in White Plains, NY, and Bridgeport, CT, that represented the sellers and buyers in the four separate transactions. “The success of these transactions are proof positive of our commitment to relationship-based brokerage,” said Jordan. “With our relationships and market expertise across the region, we identified the buyers best suited to these specific investment opportunities.”

The 34-unit multifamily property at 34 Pier Street in Yonkers, NY, sold for $2,400,000 in a transaction assisted by Steven D’Ambrosio, an associate in the firm’s White Plains, NY, office. The price equates to $70,588 per unit, which represents a gross rent multiplier of 7.0 and a capitalization rate of 6.5%. A planned conversion from oil- to gas-fuel heat will reduce operating costs and increase yield for the new owners. The seller, King David Management of New Rochelle, NY, intends to focus on commercial properties and larger multifamily opportunities moving forward. The buyer is a private New York-based investor.

The 8-unit mixed-use property at 137 East 23 Street, Bronx, NY, sold for $990,000 in a transaction assisted by Anthony Watkins, senior associate in the firm’s White Plains, NY, office. The price equates to $123,750 per unit, which represents a gross rent multiplier of 8.8 and a capitalization rate of 7.4%. Planned capital improvements and repositioning of the commercial unit will increase yield for the new owners. The seller, Melnychuk Family Trust of Bronx, NY, sold the asset for estate planning purposes. The buyer is a private New York-based investor.

The 6-unit mixed-use property at 35 Thompson Street, New Haven, CT sold for $475,500 in a transaction assisted by Bradley Balletto, regional manager in the firm’s Bridgeport, CT, office. The price equates to $79,250 per unit, which represents a gross rent multiplier of 7.8 and a capitalization rate of 8.5%. The property’s location one block from Science Park and Yale University will support future rent growth for the new owners. The seller, VRM Family Limited Partnership of New Haven, CT, will use the proceeds for portfolio diversification. The buyer is a private Connecticut-based investor.

The 8-unit multifamily property at 501 Maple Avenue, Cheshire, CT, sold for $1,090,000 in a transaction assisted by Taylor Perun, an associate in the firm’s Bridgeport, CT, office. The price equates to $136,250 per unit, which represents a gross rent multiplier of 8.7 and a capitalization rate of 7.1%. The property’s location and townhouse-style floor plans will support future rent growth for the new owners. The seller, AAT Properties of Guilford, CT, will focus on larger opportiunities moving forward. The buyer is a private New York-based investor.

About Northeast Private Client Group
Founded in 2010 by Edward Jordan, Northeast Private Client Group supports real estate investors with offices in New York, Connecticut and Massachusetts. The firm specializes in representing owners of income producing properties and supporting those who invest and sell property in the commercial and multifamily sectors across a region that stretches from New York to Boston. Mr. Jordan holds the Certified Commercial Investment Member (CCIM) designation and has served on the board of directors of CCIM. Northeast Private Client Group has been selected by CoStar Group, Inc., the commercial real estate market’s leading provider of information and analytics, to receive the “CoStar Power Broker Award.”