Meridian’s Team Doshi sells Art Deco elevator building with 48 units in the North Bronx for $5.6m

 

 

Bronx, NY Meridian’s Amit Doshi and Shallini Mehra sold 2775 Morris Ave., a 1932 Art Deco elevator building located in the Fordham neighborhood. The property traded for $5.6 million, yielding a capitalization rate of 5.00%, $95 per s/f, $116,600 per unit, and a gross rent multiplier of 8.8 times. This immaculately maintained 59,077 s/f property contains 48 apartments including features such as sunken living rooms.

“Having transacted numerous times in the Fordham market, we were able to identify the purchaser quickly. The property had excellent paperwork and literally zero violations. It was owned by the same family for 50-plus years,” said Mehra.

“The market has adjusted well with respect to pricing and expectations on both sides, thus we are sensing a strong rebound in sales for the foreseeable future. The demand by investors for workforce housing in these areas is strong due to high occupancy and better than expected collections,” said Doshi.

The property benefits from proximity to Lehman and Monroe Colleges, is near the James J. Peters Veterans Medical Center, and is an eight-minute drive to the New York Botanical Garden. The Bedford Park Blvd. and Kingsbridge Rd. train stations are walking distance from the property, offering residents access to the 4, B, and D lines.

The team represented both the seller, the Miller family, and the purchaser, Paul Gazivoda. Attorney Jeff Mehl of the Law Offices of Jeffrey Mehl represented the seller, while Marc Winston of Smith Buss & Jacobs represented the purchaser. Jacob Rochlitz and Joseph Akerman of Meridian’s mortgage brokerage division negotiated the acquisition financing.