LichtensteinRE.com Just Sold $3,650,000 Four Contiguous Properties in Mount Vernon, Westchester County.
Posted on Thursday December 19, 2019

Andrew Lichtenstein, President of LichtensteinRE.com, has just sold four contiguous properties for the asking price of $3,650,000 all cash. The properties are located at 238, 242, 242 ½ and 244 South 3rd Avenue in Mount Vernon, Westchester County, New York. Andrew Lichtenstein, the exclusive seller’s broker, explained that “even in this market with newly unprecedented rental regulatory restrictions we were able to deliver excellent results to our customer, the seller. With our real estate expertise we are able to deal with the new challenges and to bring the deal to closing. All parties, the buyer and the seller finished happy. The buyer recognized the greatly under charged current rents that their long term ownership will realize the full potential.” Three of the properties are brick walk-up prewar Victorian Queen Anne architecturally beautiful contiguous brownstones and the fourth one next door is a frame apartment building. These three story properties contain 22+ residential rental units. Two of these buildings contain four residential units each, one contains six residential units and the last one contains eight residential units.  The 4 contiguous properties sit on 12,632 total square feet of land. The buildings contain a total of four (1) bedroom, three (2) bedroom, five (3) bedroom and ten (4) bedrooms residential apartments. All twenty two apartments are now rented for a low average of $1,747 a month.  The total gross annual actual & projected all sources rental income is $461,305. The buildings have an outstanding 100% occupancy rate. The sales price of $3,650,000 represents an excellent capitalized return on investment for the lucky buyer presenting big upside long term future potential income.   “The buyer is an experienced landlord in the neighborhood. His expertise will help him increase the rents in the buildings,” Andrew Lichtenstein explains. The property is located on the South Side section of Mount Vernon, Westchester County, near the downtown business district and municipal establishments. The property is close to public transportation like the Metro North, the Westchester Bee Line and the NYC MTA # 5 and # 2 trains. The property was marketed exclusively by Andrew Lichtenstein, Inc. LichtensteinRE.com has been actively selling multifamily and commercial real estate for its clients in and around New York City.   About LichtensteinRE.com LichtensteinRE.com specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE.com 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, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property. 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 (800) 242-9888 or AL@LichtensteinRE.com   LichtensteinRE.com Just Sold $3,650,000 Four Contiguous Properties in Mount Vernon, Westchester County. LichtensteinRE

LichtensteinRE.com Just Sold 3-Family Property for $948,888 in Opportunity Zone in Tremont, Bronx
Posted on Thursday December 19, 2019

Andrew Lichtenstein, President of LichtensteinRE.com, has just sold a property for $948,888 all cash. The property is located at 2015 Arthur Avenue in the Tremont Section of The Bronx LichtensteinRE.com procured 96.5% of the purchase price at the incredibly low rate of only 3.65% fixed for 30 years for the first time primary owner-occupancy home buyer.  With the attractive financing package, the lucky buyer was able to achieve unparalleled leverage. The buyer’s research  attracted her to the property because it is in an IRS opportunity zone with the potential to pay zero capital gains tax after 10 years of ownership. Andrew Lichtenstein, the seller’s exclusive broker, indicated that “the buyer is a recent Harvard graduate who wanted to utilize lowest rate, highest leverage to live and receive cash flow from her first NYC investment property. The brick building with lovely back yard, 2 balconies, 2+ car parking and large usable basement recreation room is surrounded by brand new multifamily developments under construction now and being planned. There is no question that with all the new improvements the block and nearby that the location of this house should become even better.” The property contains three apartments with two 3 bedrooms and one 2 bedroom. “Even in this “tough” new real estate market, we are not only still doing business, but we just closed the sale of four buildings in Mount Vernon Westchester County and master leased and got five buildings in the Bronx into contract in less than a month and we have multiple properties with contracts out for signature,” says Andrew Lichtenstein. The location is wonderful for many reasons including that  it is less than a mile from prime Bronx Little Italy, is close to the Bronx Zoo and is a block from Tremont Park. This property is located on the near shopping and public transportation NYC MTA # 5 and # 2 trains. This lucky buyer beat out several other competing buyers all vying to buy this brick beauty. The property was marketed exclusively by Andrew Lichtenstein, Inc. LichtensteinRE.com has been actively selling multifamily and commercial real estate for its clients in and around New York City.   About LichtensteinRE.com LichtensteinRE.com specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE.com 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, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property. 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 (800) 242-9888 or AL@LichtensteinRE.com     LichtensteinRE.com Just Sold 3-Family Property for $948,888 in Opportunity Zone in Tremont, Bronx LichtensteinRE

LichtensteinRE.com Retained as Exclusive Broker to Sell Two Building Portfolio in The Bronx, NY for $14,020,000.
Posted on Tuesday August 13, 2019

LichtensteinRE.com has been retained on an exclusive basis to sell a building portfolio with 46 apartments in The Bronx. The asking price is $14,020,000. This portfolio consists of two residential properties, one around the corner of each other. One is an elevator building located at 1818 Clay Avenue plus one walk-up apartment building located at 265 East 176 street, both in the Mount Hope section of The Bronx. The two properties are in good condition with architectural ornately details. Both properties have security systems. The buildings contain 46 apartments comprised of seven (7) one-bedroom, thirty-three (33) two-bedroom, and six (6) three-bedroom apartments. This represents a gross total floor area of 33,158 square feet and 43,322 maximum potential buildable square feet. The buildings are 100% rented averaging $1,588/ month. The properties have some renovated apartments with hardwood floors, new kitchen with new appliances, tiled floors, and new bathrooms.  “These large apartments are rented below market value representing great long term upside potential for the new owner. After he raises the properties’ rents, his return on investment will be even greater,” Andrew Lichtenstein the exclusive seller’s broker said. The selling price represents a Price per Square Foot of $423 and a Price per Unit of $304,783. 16% is the projected return on investment including depreciation tax benefits and amortization equity buildup based on anticipated available mortgage financing with 30% cash down investment and 70% bank acquisition financing. The first property located at 1818 Clay Avenue in Mount Hope was built in 1937. It’s a Six-story Mid-Rise Masonry Elevator Apartment Building containing 25 apartments, a total of 95 rooms in a gross total of 19,158 square feet. It has Six (1) Bedroom, Eighteen (2) Bedroom Residential Apartments, plus One (3) Bedroom Basement Apartment. The second property located around the corner at 265 East 176 Street also in Mount Hope was built in 1928. It’s a Five-story Brick Walk-up Apartment Building containing 21 apartments, divided in One (1) Bedroom, Fifteen (15) 2 Bedroom and Five (3) Bedroom Residential Apartments. The building has a Gross total floor area of 14,000 Square foot and 26,982 Maximum potential buildable square feet. “265 East 176th Street has the potential to construct 13,000 unused buildable air rights or up to 17 Projected Additional Units assuming each unit is 750 square feet,” said Andrew Lichtenstein, exclusive broker for the property. These buildings are located in the Mount Hope section of The Bronx. They are close to schools, shopping, and entertainment. Near the B, D, and #4 subway as well as MTA buses and shopping along the Grand Concourse. The properties are being marketed exclusively by Andrew Lichtenstein, Inc. LichtensteinRE.com has been actively selling multifamily and commercial real estate for its clients in and around New York City.   About LichtensteinRE.com LichtensteinRE.com 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, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property. 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 (800) 242-9888 or AL@LichtensteinRE.com         LichtensteinRE.com Retained as Exclusive Broker to Sell Two Building Portfolio in The Bronx, NY for $14,020,000. LichtensteinRE