Real Estate Weekly | December 11, 2019
GFI Realty Services has been named the exclusive sales agent for 660 East 242nd Street, a 60-unit multifamily building in the Wakefield section of the Bronx.
Associate director Josh Orlander will oversee the marketing of the property, with pricing targeted at $11.35 million, which translates into a 6.4 percent cap rate.
Constructed in 1933, the six-story, corner elevator building totals approximately 55,650 s/f and is composed of 13 studios, 36 one-bedroom units and 11 two-bedroom units.
“There is still demand for Bronx inventory, particularly an asset of this type,” said Orlander. “It is rare for large cash-flowing elevator buildings of this caliber to come to market. The property is also ideally situated in proximity to numerous commercial corridors and thoroughfares.”