The 71-unit corner building at 2150 Wallace Avenue in Bronx, NY – also known as 783 Lydig Avenue – has sold for $8.75 million.
In addition to 71 units, the elevator building has 5 stores and 100 feet of frontage on Lydig Avenue. It sold at a 6.2 percent a cap rate.
The seller, Lawrence S. Rabine, Esq., was represented by Amit Doshi and Lynda Blumbegr of Besen & Associates. The buyer, Seymour I. Hurwitz Esq. was represented by Victoria Skrela Gjelaj of Crowne Victoria Realty, Ltd.
The building is located at the Pelham Parkway section of Bronx. The 6-story building was built in 1929 and has approximately 69,927 square feet. The sales price of $8.75 million is equivalent to a capitalization rate of 6.2, $115,130 price per unit, and $125 price per square foot.