Orlander and Taub of GFI Realty complete $9.28 million sale of 53-unit Bronx multifamily May 7, 2014

New England Real Estate Journal

Bronx, NY GFI Realty Services, Inc. has brokered the $9.285 million sale of 529 East 235th St., a seven-story elevator apartment building located in the Woodlawn section. The multifamily property features 53 rental units.

The deal was brokered on both sides by GFI. Josh Orlander, associate director, investment sales of GFI, lead the negotiations and was assisted by Aron Taub also of GFI.

“The building was kept in immaculate condition, which is why the seller could get $175k a unit,” said Orlander. “That’s the highest price per unit a building has ever traded for in Woodlawn.”
“However, it’s not the multiple or the price per unit, it’s the location and nature of the asset that matters the most when purchasing an invest property,” said Taub. “This building was well-maintained and in an excellent location close to transit and the park.”
The building was constructed in 1938 and is within close proximity to the Woodlawn Metro-North train station, the 233rd St. subway station, which services the 2 and 5 lines, and Van Cortlandt Park.

View full article – NEREJ

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