(Read more on the multifamily market.)


NEW YORK CITY-Eric Oppenheimer, a Bronx private investor, sellsa 14-building portfolio in the South Bronx to Sharp Management, aBronx-based syndicate, for $18.2 million. The properties, locatedalong the 138th Street corridor in the Bronx, include sevenmixed-use assets, four multifamily properties, one single-familyhome, one duplex and one retail asset measuring 5,000 sf.


Encino, CA-based Marcus & Millichap Real Estate InvestmentServices represented the seller in the transaction. "The newownership plans to maintain these properties and make significantcapital improvements" says Kevin Salmon, a senior associate, whoworked with investment specialist Sharone Sohayegh in the Marcus& Millichap Manhattan office on the deal. "The upgrades willallow the new owners to increase the rental income stream generatedby these assets."


The total square footage is around 192,000, not includingretail, according to Salmon, and the properties have had very fewupgrades over the past 10 years. "This deal has been on and off foryears," Salmon notes to GlobeSt.com. "However when the decision wasfinally made, start to finish was approximately 60 days."


Salmon explains that the reason for selling was that, "theseller was a long-term owner, who is up in age and has no siblingsto pass the property on to."

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.