Connect Media | March 9, 2017
A local investor paid $8.5 million for a six-story apartment building in the University Heights section of the Bronx.
The pre-war, elevator building at 2285 Sedgwick Ave. includes 52 apartments with a mix of one, two and three-bedrooms. That works out to just $163,000 per unit.
“It is rare for large elevator buildings of this caliber to come to market, particularly ones with this many three-bedroom units. The buyer recognized the value of this property and intends to invest in capital improvements and hold onto it for the long term,” said Josh Orlander, associate director for GFI Realty. Orlando brokered the transaction between the undisclosed local buyer and seller.