New York, NY – A 57,500-square-foot multifamily property with a 22-space parking garage located in the Pelham Parkway neighborhood of the Bronx. Built in 1955, the 6-story elevator residential building has 50 apartments.
A Cushman & Wakefield team consisting of Jonathan Squires and Robert M. Shapiro will be leading the marketing efforts on behalf of the property’s seller.
“Apartment buildings along Pelham Parkway in the Bronx have and always will be in strong demand,” said Jonathan Squires, who covers the Bronx for Cushman & Wakefield.
“Even with today’s new rent regulation changes, we anticipate multifamily operators to pay close attention to this special asset, as trades of buildings of this quality and location are a rarity,” said Robert M. Shapiro.
This unique opportunity offers investors a chance to acquire an exceptionally well-cared for residential building in one of New York City’s most desirable residential neighborhoods. The property consists of 6 three-bedrooms, 18 two bedrooms, 6 junior fours and 21 one-bedrooms.
The asset is located near Albert Einstein College of Medicine, the Bronx Zoo, the Botanical Gardens and Fordham University. The surrounding area is in proximity to major hospitals and private medical facilities, with many health care professionals, lawyers and small business owners living in the neighborhood.
1150 Pelham Parkway is within walking distance to multiple hospitals, universities and institutions, including the White Plains Road retail corridor, Bronx Park and 716 acres of green land and attractions. The building is located across the street from the Pelham Parkway stop of the 5 subway line and benefits from numerous bus lines that canvass the neighborhood. The property is also located near the proposed Morris Park Metro North Station.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.