AFFORDABLE HOUSING COMPLEX IN THE BRONX SELLS FOR $23.8M

NEW YORK CITY — Besen & Associates has arranged the $23.8 million sale of The Albert Goodman Plaza Apartments, an affordable housing complex in the Morrisania section of The Bronx. The sales price equates to $94,450 price per unit, $81 per square foot and a 6.5 percent capitalization rate. Preservation Development Partners purchased the multifamily property. The complex includes four elevator apartment buildings that include 250 apartments and two commercial units. Constructed in 1982, the apartment community spans 292,925 square feet. The buildings are operated under a Project Based Section 8 HUD contract, which requires the apartments to remain affordable for another 20 years. Amit Doshi, Lynda Blumberg and Shallini Mehra of Besen & Associates brokered the deal. The properties are located at 970 Boston Road and 665 E. 163rd St.