Mixed-Use Belmont Property Trades Between Local Investors March 15, 2019

Connect Media | February 22, 2019

GFI Realty Services has brokered the $1.875-million sale of 2320 Hughes Ave., a corner mixed-use building in the Belmont section of the Bronx. The firm’s Zach Fuchs represented the seller, while GFI’s Shawn Sadaghati advised the buyer. Both the buyer and seller are local investors.

Constructed in 1913, the four-story building totals approximately 7,246 square feet. It contains six two-bedroom apartments and two ground-floor retail units.

“This asset benefits from its positioning on a prime corner, and its proximity to the Arthur Avenue commercial corridor,” said Fuchs. He said Belmont is “extremely attractive to prospective residents looking for relatively affordable rents, coupled with an area that has a ‘warm neighborhood feel’.”

Added Sadaghati: “The buyer immediately recognized the value of this cash-producing asset located in proximity to mass transit and numerous neighborhood amenities.  The new owners intend to keep the asset for the long-term and invest in capital improvements.”


View Article Here

Leave a Comment

Your email address will not be published. Required fields are marked *