Morrisania Housing Development Fund Corporation paid $14M to PRB Realty Corp.

Morrisania Housing Development Fund Corporation paid PRB Realty Corp.’s Kda Realty Owner, L.P. $14.0 million for 12 parcels, including the tax class multifamily, five to six families (C2) and containing 132 residential units at 3414 Park Avenue, 3416 Park Avenue, 3428 Park Avenue, 3430 Park Avenue, 3318 3rd Avenue, and others in Morrisania. The deal closed on August 28, 2019 and was recorded on September 11, 2019. The parcel(s) have total development potential of 120,655 square feet.
The sale price per unit is $105,842.
The estimated cap rate is 4.3%
The last time the property sold was November 4, 2005, for $9,232,858.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link