GFI Realty Brokers $11-Million Sale of 679 Magenta Street; 74-Unit Multifamily Property in The Bronx December 29, 2016

CityBizList | December 15, 2016

Two-Building Property Located in North Bronx’s Williamsbridge section

GFI Realty Services, LLC today announced that, in its role as exclusive sales agent, it has brokered the $11-million sale of two multifamily buildings in the Williamsbridge section of The Bronx. GFI’s Isaac Moskowitz orchestrated marketing efforts for the property, which comprises 679 Magenta Street and 3400 Olinville Avenue.

A single lot, the property consists of two pre-war apartment buildings and an antenna. The walk-up buildings feature a total of 74 residences, and are five and six stories, respectively.

“Many parts of The Bronx are among the most attractive residential neighborhoods in New York City because of their affordability and easy accessibility to Manhattan via mass transit,” said Moskowitz. “This property received strong interest from investors who recognize the unique investment opportunity to acquire a cash-flowing residential asset of this size that is ideally located near bus and subway lines. Williamsbridge continues to mirror the increased interest that the rest of The Bronx is seeing from both new investors and residents alike.”

The family of the property’s seller, Michael Kanner, has been in possession of the property for more than 30 years. With the property having been owned by the one family for so long, buyer DovRakower of Tamrak Management saw it as a unique investment opportunity, and intends to renovate and upgrade the site.

Situated on the corner of Magenta Street and Olinville Avenue, the property provides easy access to numerous Williamsbridge restaurants and retail stores, as well as the 2 and 5 subway lines.

GFI Realty is extremely active in arranging investment sales of properties across the city, and the firm is currently marketing a range of properties in The Bronx that are expected to sell for a combined price of more than $100 million. Some of the firm’s recent Bronx deals include brokering the sale of a four-building multifamily portfolio in the borough’s Fordham section, and arranging the sale of two apartment buildings on Sheridan Avenue.

About GFI Realty Services, LLC

GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, LLC utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.

The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions. For more information, visit GFIRealty.com.

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