Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 1048-1064 Sheridan Avenue. The ~99,340 square foot multifamily offering is located on the East side of Sheridan Avenue and between East 165th Street and East 166th Street in the Concourse neighborhood of the Bronx.
1048-1064 Sheridan Avenue is comprised of five contiguous buildings with 249’ of frontage along Sheridan Avenue. The offering consists of 98 residential units and has benefited from over $1,000,000 in recent property improvements including new gas boilers, water pumps and roof vents. Three of the buildings have brand new basement apartments and all five buildings have been installed with new intercom systems at their entrance. The properties are also lead free because they were substantially rehabilitated in the early 1990’s.
Additionally, the properties benefit from a J51 tax abatement through 2026. Upon the expiration of the J51 this offering provides a flexible investment opportunity to either deregulate the buildings upon unit turnover or enter an affordable program such as an Article XI.
1048-1064 Sheridan Avenue is a 10-minute walk to Yankee Stadium and steps away from prime public transit including the 161St Yankee Stadium subway stop and the 168th Street stations servicing the 4, B and D trains. Additionally, the properties are surrounded by many green spaces including Joyce Kilmer Park, Rev. T. Wendell Foster Park, and Mott’s Playground.
Offering stro
