Location: Bronx, New York
This is a 49-residence elevator building located in the Mount Eden section of the Bronx. The Art Deco-style building features a striking vaulted ceiling lobby, wide and airy common areas and sunken living room layouts. The property is located just one block from the Jerome Ave corridor and elevated train-rail link. At the time of purchase, the building was incumbered by DHCR Collective Tenant Rent Rollback. LanTree identified this as an opportunity to purchase a well-situated asset at a discounted price to market. LanTree successfully remediated all DHCR violations and brought the stabilized property back to market achieving stabilization and disposition meeting their investment goal in three years.