LichtensteinRE.com Helps Provide Desperately Needed New York City Affordable Housing with Sale of Development Site

By: PR.com

New York, NY, September 24, 2020 --(PR.com)-- Andrew Lichtenstein, President of LichtensteinRE.com, has just sold a development site for $1,650,000 all cash. The properties are located at 1306, 1308 and 1310 Findlay Avenue in the Mount Eden Section of The Bronx.

The new owner will be able to build 30 new apartments in a city that desperately needs affordable housing. Andrew Lichtenstein says, “It gives me a great feeling to know that I am contributing even in a small way to help my fellow New Yorkers and Bronx neighbors to enjoy future quality affordable housing.” According to the New York Times on June 15, 2020, “Since 2013, there have been more than 25 million applications submitted for roughly 40,000 units in the extraordinarily competitive affordable-housing lottery. Tens of thousands of people, and sometimes many more, vie for the handful of units available at a time.”

This 6,000 square foot shovel ready assemblage of 3 contiguous adjacent residential lots, came with shovel ready approved plans that will allow the new owner to build a 7 Story Elevator Apartment Building with 30 Residential Apartments and 2 Recreation Areas on the First & Second Floors. Additionally, it will have 9 Parking Spaces in the rear exterior car parking area, plus 16 interior Bicycle parking, for a total 24,481+/- Possible Gross Buildable Square Feet including 20,640 Buildable Residential Square Feet.

Upon completion, the new owner could enjoy Potential gross income of up to $651,552.

“LichtensteinRE.com was able to successfully see this deal to completion, even though at the time of negotiating this sale, it was not only the middle of the worst pandemic of the last hundred years, there was also the highest unemployment since the great depression,” says Andrew Lichtenstein, who exclusively represents the seller.

The development site is located in the Mott Haven section of The Bronx on a beautiful tree lined residential block.

The property was marketed by Andrew Lichtenstein, Inc. LichtensteinRE.com has been exclusively representing sellers and buyers actively selling, buying and developing multifamily and commercial real estate in and around New York City.

“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 and we have multiple properties with contracts out for signature, and closings coming up. I look forward to representing other owners and buyers in this challenging time and in the future when we return to normalcy,” says Andrew Lichtenstein.

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, 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.

Contact Information:
LichtensteinRE
Tatiana Lichtenstein
917-379-9592
Contact via Email
lichtensteinre.com

Read the full story here: https://www.pr.com/press-release/821949

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