72-Unit, Rent-Stabilized Bronx Apartment Building Sells

A six-story, 72-unit elevator building located in the Morris Heights neighborhood of the Bronx has sold for $11.5 million, or $159,000 per unit, according to Meridian brokers Amit Doshi and Shallini Mehra, who represented the seller.

The rent stabilized property went through a mod rehab program in 1984 and entered into a Project Based Section 8 Contract for 20 years, which expired in 2004. As part of the conversion out of the program, tenants were issued Enhanced Section 8 Vouchers, which are substantially favorable than a regular public housing agency’s (PHA’s) basic voucher.