Gerimci of Locascio Realty arranges 55,200 s/f building sale: $5.7 million

A six-story art deco elevator building consisting of 49 apartments and 25 car parking garage sold for $5.7 million as part of a 1031 exchange. The property is located on Decatur Ave. between East Mosholu Pkwy. North and East 204th St. in the Bedford Park neighborhood. The seller, "one of the larger owner/manager groups in the borough has been utilizing the 1031 exchange incentive to diversify their portfolio to expand into the office/retail/medical markets thru-out the tri-state area." said David Gerimci, managing partner of Locascio Realty Co. who arranged the sale. Locascio Realty Co. was the sole broker. The building consisted of 55,200 square feet and closed at a capitalization rate of 6.76% and a gross rent multiple 9.68.