Cash-Flowing Bronx Apartments Fetch $12M December 02, 2019

Connect Media | November 22, 2019

GFI Realty Services arranged the $11.525-million sale of 3540 Decatur Ave., a 66-unit elevator building in the Bronx’s Norwood section. GFI associates Zachary Fuchs and Sasha Berg represented the seller, Richard Laubsh, and the buyer, Zeqe Mehmetaj.

Constructed in 1962, the six-story building totals approximately 67,000 square feet. It contains seven studio apartments, 47 one-bedroom apartments and 12 two-bedroom apartments.

“The buyer recognized the value of this cash-flowing asset located in proximity to mass transit and numerous neighborhood amenities,” said Berg. “The new owners were excited about the basis of under $175 thousand a door for an elevator building which makes for a safe long-term investment.”

Fuchs added that the property benefits from proximity to the White Plains Road commercial corridor and the Bronx River Parkway. Additionally, Norwood is “attractive to prospective residents looking for relatively affordable rents coupled with an area that has a ‘warm neighborhood feel’.”

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