Rejournal's New York News - Newell of Reilly Mann Newell Realty Group brokers $5.855 million sale of six buildings

Newell of Reilly Mann Newell Realty Group brokers $5.855 million sale of six buildings

BRONX, NY Zar Property NY has closed on a six building package. The six contiguous buildings are located at 2543-2567 Decatur Ave. and command over 275 ft. of frontage. They are comprised of 95 units totaling 95,000 s/f. Fordham
University’s 85 acre “Rose Hill” campus is close by and surrounding retailers include The Children’s Place & The Gap.
“This is our first major venture into The Bronx” said David Zar, managing member. “It’s difficult to develop and maintain affordable apartments in New York City right now,” said Zar, who handles the day to day operations of Zar Property NY. “With the rental market
tightening and the cost of land and
construction nearly doubling in the past five years, we can only see upward growth at an acquisition price of a little over $60 per s/f.”

According to U.S. Census Bureau estimates, the Bronx is the city’s second fastest-growing borough, behind Staten Island. “This was an excellent opportunity to acquire a stable income producing property with apartment
rentals below market rates. We plan to upgrade and retain the properties as rental units. The upside potential is phenomenal,” said Simon Zar.

The sales price was $5.855 million and Wells Newell of Reilly Mann Newell Realty Group represented both parties in the transaction. Zar Property NY owns & operates apartment buildings &
anchored shopping centers across the United States. They have closed on over two million s/f of various property in the past eighteen months and plan to continue to agressively pursue properties throughout the country.