GFI Realty Services arrange $3.25 million sale of North Bronx multifamily asset

New York, NY GFI Realty Services has completed the $3.25 million sale of 3091 Webster Ave., a multifamily building located in the Norwood section of the Bronx. GFI associate Zachary Fuchs and senior managing director, Matthew Sparks, represented the seller, Lenny Prainito. Fuchs represented the buyer, a local investor.

Constructed in 1920, the five-story building totals approximately 21,218 s/f, and is composed of nineteen two-bedroom apartments and six one-bedroom apartments. 

“This asset benefits from its positioning in proximity to the Bainbridge Avenue commercial corridor and Bronx Park,” said Sparks. “In addition, the neighborhood of Norwood is within blocks of the Fordham Manor area and all of its amenities.”

Fuchs said, “The buyer immediately recognized the value of this cash producing asset and intends to keep the asset for the long term and invest in capital improvements.”

Norwood is a neighborhood in the North Bronx that is surrounded by several amenities including Bronx Park, the Bronx Zoo, Van Cortlandt Park and Williamsbridge Oval. Additionally, Lehman College, Fordham University, and Montefiore Hospital are within walking distance of the asset.