Back to all insights IPRG ANNOUNCES $2,326,000 SALE OF 1684 BANYER PLACE IN SOUNDVIEW, BRONX
NEW YORK, NY – August 27, 2026 – Investment Property Realty Group (IPRG), a leading New York-based commercial investment firm, has successfully closed the sale of 1684 Banyer Place, a multi-family building located in the Soundview section of the Bronx, for $2,326,000.
The transaction was negotiated by Steve Reynolds, Brian Davila, John Loch and Carson Brantley, who represented both the seller, Mario Jacovino, and the buyer, Ronald Kandov.
The property consists of three contiguous buildings comprising 18 apartments. Developed by ownership nearly 20 years ago, the buildings benefited from a 15-year 421-a tax exemption. The seller ultimately decided to redeploy capital as the properties faced rent restrictions, an expiring tax benefit and rising property taxes of approximately $128,000 annually.
Ownership exclusively retained IPRG based on the firm’s recent Bronx sales and multifamily expertise. Despite challenges including rent stabilization, tenant arrears and increasing property taxes, IPRG implemented a targeted marketing strategy that generated several competitive offers while highlighting the property’s long-term value-add potential.
The transaction closed within 60 days of contract signing, demonstrating IPRG’s ability to navigate complex New York City regulations, identify value in challenging multifamily assets and execute efficiently.
Founded in 2016, IPRG (Investment Property Realty Group) is a broker-owned commercial real estate brokerage specializing in investment sales, retail leasing, and property management across New York City and New Jersey. The firm focuses on the sale of multifamily properties, mixed use buildings, development sites, retail assets, and other commercial investment properties. Since its founding, IPRG has completed more than $4 billion in commercial real estate transactions, making it one of the most active investment sales firms in the New York metropolitan area. Through its market expertise, data driven approach, and collaborative platform, IPRG helps investors, developers, property owners, and institutions maximize the value of their commercial real estate assets. For more information, visit www.iprg.com.