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675 Morris Avenue & 3000 Park Avenue 2 Multifamily Properties in Bronx, NY

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Investment Highlights

278,931 gross SF portfolio across two 8-story elevator buildings.
Benefits from a 421-A tax exemption through 2033, with future potential to convert to a 420-c tax benefit.
Approval for 610 amendment to the existing regulatory agreement allowing for significant revenue growth.

Features a diverse mix of 209 residential units consisting of studios, 1-bedroom, 2-bedroom and 3-bedroom units.
209 residential units, 6 commercial spaces totaling 24,000 SF, two garages with a total of 54 spaces and an antenna on the roof.
Outstanding mortgage of $23,000,000 at a highly competitive 3.80% interest rate.

Executive Summary

The 675 Morris Avenue and 3000 Park Avenue portfolio presents an outstanding investment opportunity in the heart of the Bronx’s evolving Melrose neighborhood. This 278,931 SF residential portfolio consists of two 8-story elevator buildings featuring 217 total units, including 209 residential apartments and 6 commercial spaces. Completed in 2006 and 2007, the properties offer modern construction, reducing near-term capital expenditure requirements. The buildings benefit from a lucrative 421-a tax exemption in place through 2033 with a potential future conversion to 420-c, further enhancing long-term value. Investors will appreciate the assumable $23 million low-interest debt at a competitive 3.80% rate and the potential for significant revenue growth via a 610 amendment. Situated in a key transit-oriented area, the portfolio provides exceptional access to multiple subway lines and major destinations, positioned at the center of one of the Bronx’s most active development corridors.

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