Multifamily- Elevator and Walk-Up Milbank Portfolio in the North Bronx Sold for $26,000,000

Successful Sale of the Milbank Portfolio in the Bronx

Bob Knakal and his team successfully closed the sale of the Milbank Portfolio, also known as the North Bronx Portfolio, for $26,000,000. This comprehensive portfolio consisted of 10 multifamily properties across the Fordham Heights, Fordham Manor, Kingsbridge, Parkchester, and Williamsbridge neighborhoods in the Bronx. The seller, Finkelstein Timberger Real Estate, and the buyer reached an agreement on the sale after Bob’s team worked diligently to present the portfolio’s full value.

Walk-Up Building Sales - For the complete list click here Walk Up Buildings

Sale Details

The sale price for the Milbank Portfolio was $26,000,000. The portfolio comprised a mix of elevator and walk-up multifamily buildings, with a total of 561,000 square feet and 556 units across 10 buildings. Bob Knakal’s strategic approach and expert market knowledge helped secure an optimal deal. The closing occurred on April 22, 2011.

Sale Price: $26,000,000
Sale Date: April 22, 2011
Property Type: Multifamily – Elevator, Multifamily – Walk-Up, Note Sale, Portfolio
Total Units: 556
Total Square Footage: 561,000 SF
Price per SF: $46.35
Neighborhood: Fordham Heights, Fordham Manor, Kingsbridge, Parkchester, Williamsbridge, Bronx

Property Overview

The Milbank Portfolio included 10 multifamily properties located in key neighborhoods of the Bronx. The properties provided a mix of elevator and walk-up buildings, offering a combination of residential and institutional value. Key addresses in the portfolio included:

1576 Taylor Avenue (Elevator)
2264 Grand Avenue
2500 University Avenue (Walk-Up)
2505 Aqueduct Avenue (Elevator)
2770 Kingsbridge Avenue
2785 Sedgwick Avenue
3018 Health Avenue
3215 Holland Avenue
686 Rosewood Street (Walk-Up)
75 West 190th Street

Neighborhood Overview

The Milbank Portfolio is strategically positioned across some of the Bronx’s most dynamic neighborhoods. Key characteristics of these areas include:

Fordham Heights & Fordham Manor: High-density residential area with access to Fordham University and major transportation hubs.
Kingsbridge: Vibrant commercial and residential neighborhood with proximity to the Major Deagan Expressway and various transit lines.
Parkchester & Williamsbridge: Highly sought-after for its affordable housing, along with strong community engagement and retail presence.

Market Strategy and Leverage

Bob Knakal’s team capitalized on the growing demand for multifamily properties in the Bronx, especially those with development potential. By leveraging their deep knowledge of the local market and building strong relationships with potential buyers, they were able to position the Milbank Portfolio as a prime investment opportunity. Their strategy generated strong interest and ultimately led to the successful sale at an attractive price.

Conclusion

The sale of the Milbank Portfolio in the Bronx is a clear demonstration of Bob Knakal’s ability to identify and maximize the value of complex, multifaceted real estate assets. By using his market knowledge, negotiation skills, and long-standing relationships in the industry, Bob successfully closed a deal that met the seller’s objectives and secured optimal terms.