Morrisania Apts. Change Hands in GFI Deal October 30, 2019

Connect Media | October 30, 2019

 

GFI Realty Services arranged the $5.75-million sale of 1384 and 1390 Boston Rd., two mixed-use multifamily and retail buildings in the Morrisania section of the Bronx. The firm’s Zachary Fuchs and Sasha Berg represented the seller, Alex Mehmetaj. Sylvia Spielman, also of GFI, represented buyer Joel Wertzberger.

Constructed in 1905, the two adjacent five-story buildings, totaling approximately 29,054 square feet, are composed of 32 apartments and four ground-floor commercial spaces. “The Bronx marketplace is still active, with buyers attracted to assets of this size, particularly those with a commercial component,” said Fuchs.

“These mixed-use properties are stable cash flowing assets that are ideally situated on a major commercial corridor in the area, and are neighbored by numerous local shops and eateries,” Berg said.

The South Bronx has experienced an uptick in development in recent years, with sales in Morrisania increasing significantly on a year-over-year basis.

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