Besen & Associates Is Retained as Exclusive Broker to Market Stevenson Towers

1973 Construction Apartment Complex - 122 Apartments + Parking

August 25, 2009 - Besen & Associates has been tapped to market Stevenson Towers in The Bronx, located at 831 Bartholdi Street on the southeast corner of Bronxwood Avenue and Bartholdi Street. The block-through Property is a six-story elevator apartment building consisting of 122 apartments and 81 parking spaces and totals 127,629 gross square feet. This well-constructed asset is located in the Williamsbridge/Olinville section of the Bronx. Matthew Slonim of Besen & Associates is handling the assignment for the seller. The property is being marketed at an asking price of $15,750,000.

Stevenson Towers is in excellent physical condition with minimal deferred maintenance required as the property was built in 1973 and has had over $2.5 million in recent major capital improvements. These improvements include new entrance lobbies, renovated hallways as well as two new boilers, a new elevator, a new oil tank, new roof and recently installed electric sub-metering for apartments. 65 of the 122 apartments have been recently gut renovated.

The property is not subject to rent-regulation and thus offers a strong cash flow to investors. As evidenced by only one vacancy, the free market units are in strong demand and have rents averaging $1,204 per month. In addition, 42 apartments (35% of the building) are rented to Section 8 tenants.

Stevenson Towers offers its tenants numerous amenities and services including indoor and outdoor parking, a large laundry room, playground area, and onsite security. The parking consists of 32 indoor spaces and 49 outdoor spaces. 78 of the apartments have balconies that offer scenic views of the surrounding area. The property is within a short walk to both the
#2 and #5 subway stops at Gun Hill Road stations.