LichtensteinRE has just sold Vacant Shell Building for $840,000 in The Bronx

NEW YORK - Oct. 30, 2014 - PRLog -- Andrew Lichtenstein, President of LichtensteinRE, has just sold a vacant building located at 1133 Longfellow Avenue in the Bronx for $840,000 all cash.

“It is an eight family architecturally lovely building located next to two identical structures. After being gut renovated by its new owner, the property will become far more valuable whether rented or sold off as condominiums” said Andrew Lichtenstein seller’s exclusive broker regarding the buyer.

The 4 story building is 6,475 square feet containing 8 large two bedroom apartments with a potential rental market value of $1,700 each.  It is located between Westchester Avenue and West Farms Road in the Forxhurst Section of the Bronx.

The sale price represents $105,000 Per Unit, $130 Per Square Foot and $98 Price per maximum usable square feet including buildable air rights. ”Because the building has 2,125 unused buildable Square Feet of Air Rights for a total of 8,600 square feet, the owner can significantly increase its income by building more units,” Andrew Lichtenstein explains.

The property is well located close to great schools, walkable streets and mass transit. It’s only three blocks from Daniel Boone Park.

The sellers had won an option to buy the building by winning the bank property auction and Andrew Lichtenstein exclusively represented both seller and buyer on this assignment of bank contract purchase flip. The building was completely sealed up by the bank that had foreclosed making the sale very challenging as the buyer had to buy it with the interior completely sight unseen.

LichtensteinRE has been actively selling multifamily property for its clients in and around New York City.

About LichtensteinRE

LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, financing ability and exclusive connections with tens of thousands of potential buyers assures their selling clients the best possible price.

DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.

LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing. To learn more contact Andrew Lichtenstein at AL@LichtensteinRE.com