Bronx Buildings For Sale

By
Real Estate Broker/Owner with Broad & Bailey Realty LLC

In 1994, I bought my first building in the Bronx, a 21 unit 5 story walk-up. I really didn't know what to expect, I had never owned a building before. I remember one night speaking with my wife just before we bought the building. She had said to me "you can teach me how to manage the building, and I'll manage it." I turned and said to her "that's a really good idea, but who's going to teach me?"

As it turned out, I tought myself. Continued to manage the building for several years. The building was mismanaged and needed a lot of attention besides the normal management of a properly managed building. In addition, dealing with city agencies, rent stabilization laws and tenant non-payment/collections seemed to be an ongoing problem.

It literally seemed that the entire process was geared towards making building ownership fail.

Though it was very difficult, it was also very rewarding both personally and financially. After several years, I was able to clean up the building and do many renovations and improvements. I then wound up selling the building for a nice profit.

Using the IRS 1031 exchange, I bought 2 smaller, 7 family buildings in Westchester County. I quickly realized how much easier it was to manage these buildings over the Bronx building and vowed that I would never buy another building in the Bronx. Over the years though, it wasn't that I would never buy another building in the Bronx, but that it seemed prohibitive to own less than a certain amount of apartments. If I were able to buy a building or buildings with 200 apartments, it would be more than worth owning them. This seems to be a minimal number to offset all the negatives and turn building ownership and management into a positive experience for me as well as the tenants.

Do you own an apartment building in the Bronx and are looking to sell it? I am looking to buy 200 apartments in the Bronx. Ideally it would be 2 - 100 unit buildings or 3 - 70 unit buildings. I am willing to pay as much as 8% CAP Rate for a good building.

Give me a call or email me.

Peter Nikic 914-804-0037

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
New York Bronx County Mosholu
Groups:
Commercial Real Estate
I Love NY
Property Management
Commercial Property Haves / Needs
Albanian-American RealtorĀ©
Tags:
bronx
commercial building
apartment buildings
peter nikic
nikic public

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
42,946
Justin Cruz
Bronx Remax Voyage Homes for sale - Bronx, NY
Selling homes in the Bronx with Remax Voyage

Hi Peter that was a very interesting blog.  I am now buying a small building in the Bronx now and my goal is to own 100-200 units within the next 10 years.  I have looked at several buildings lately and if you would like I can send you some listings.

 

Sep 04, 2009 04:35 AM #1
Rainer
56,978
Peter Nikic
Broad & Bailey Realty LLC - Valhalla, NY

Justin, thanks for commenting. I appreciate your offer, but I am only interested in getting listings from you if you are an exclusive agent. I already checked out your site and don't see any larger buildings there.

If you know of properties that are for sale and are NOT exclusive to any other broker, and you feel like sharing information, that would be fine. I am a licensed broker and would rather work with Exclusive Agent or owner.

Even if this stuff doesn't work out, we may be able to work on other deals together.

Sep 04, 2009 05:59 AM #2
Anonymous
Michael Mishkin

Peter do currently have anything for sale and will keep you in mind if anything comes up for sale. Would you be interested in some small blocks of unsold shares in Westchester?

 

 

Michael Mishkin Stillman Brokerage

141 Halstead Ave

Mamaroneck, NY 

 

914-523-3967

Jan 20, 2013 04:44 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
56,978

Peter Nikic

Ask me a question
*
*
*
*
Spam prevention