Bronx, NY According to Capital Property Partners, a local investment group led by Gershon Eichorn has sold their mixed-use building to Settlement Housing Fund. Nir Mor and Roni Soleimani of Capital Property Partners represented both sides of the transaction. The sale price was $13.5 million.

This six-story elevator building is located at 1314 Seneca Ave. in the Hunts Point neighborhood. The building is 65,137 s/f, consisting of 60 apartments and two commercial units occupied by a deli and a laundromat. Located at the corner of Seneca and Bryant Aves., this property is close to shops, markets, schools, and the 6 train.

“Despite volume dropping significantly across the board, Bronx multifamily investment sales continue to be relatively strong. Corner elevator mixed use buildings located within walking distance to transportation like 1314 Seneca will sell when priced right,” said Mor. 

“This was a situation where the seller was just ready to move on and accepted a lower number than he originally wanted 12-18 months ago. Motivated sellers are slowly coming down to a price where buyers are willing to transact. I see this trend continuing as the market slowly corrects itself.”

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