Fuchs and Berg of GFI Realty Services arrange $11.525 million sale of 66-unit Bronx elevator building

 

 

Bronx, NY GFI Realty Services completed the $11.525-million sale of 3540 Decatur Ave., an elevator building comprised of 66 units located in the Norwood neighborhood. 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 67,000 s/f, and is composed of 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. The new owners were excited about the basis of under $175k a door for an elevator building which makes for a safe long term investment, ” said Berg.

“This  property benefits from its proximity to the White Plains Rd. commercial corridor and the Bronx River Pwy.,” said Fuchs. “In addition, the neighborhood of Norwood is attractive to prospective residents looking for relatively affordable rents coupled with an area that has a ‘warm neighborhood feel.’”