Jerome Avenue

Katz and Orlander of GFI secure $13.2 million sale of two apartment buildings at 2914-2928 Jerome Avenue February 10, 2014

New York Real Estate Journal

Bronx, NY GFI Realty Services, Inc., one of the leading New York-based commercial real estate services firms, arranged the sale of 2914-2928 Jerome Ave., which consists of two six-story, elevator apartment buildings in the Jerome Park section of the borough. Featuring 123 apartments totaling 124,492 s/f, the buildings traded hands at a price of $13.2 million, or $107,000 per unit.

GFI senior director Yosef Katz represented the seller, MDJJ Realty, while GFI associate director Josh Orlander represented the buyer, The Scharf Group.

“We were able to move quickly and smoothly to close this off-market transaction,” Katz said. “Assets of this size rarely come to market, and we were pleased that the sellers recognized our ability to strategically target the right buyers for this deal due to our longstanding relationships in the industry.”

“Large pre-war elevator buildings are a unique and highly desired commodity,” Orlander said. “The buyer jumped at the opportunity to acquire a well-maintained building with more than 100 units.”

The multifamily apartment buildings, which were built in 1935, are located one block away from the Grand Concourse and the B, D & 4 subway lines, and are near the Bronx Park.

View Full Article – NY Rej

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