GFI Clinches $13.2 Million For Bronx Apartment Buildings
Buyer Attracted to Rare Opportunity to Acquire Well-Maintained, Pre-War Elevator Buildings With More Than 100 Units
NEW YORK (Dec. 19, 2013)— GFI Realty Services, Inc., a leading, New York-based commercial real estate services firm, today announced the sale of 2914-2928 Jerome Avenue, which consists of two six-story, elevator apartment buildings in the Jerome Park section of The Bronx, N.Y. Featuring 123 apartments totaling approximately 124,492 square feet, the buildings traded hands at a price of $13.2 million, which translates to $107,000 per unit.
GFI Realty Services, Inc. Senior Director Yosef Katz represented the seller, MDJJ Realty, while GFI Realty Services, Inc. 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 in proximity to the Bronx Park.
About GFI Realty Services, Inc.
An affiliate of GFI Capital Resources Group, Inc., GFI Realty Services, Inc. imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial financing and retail leasing, GFI Realty Services, Inc. utilizes its parent company’s fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.
The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions. For more information, visit GFIRealty.com.
About GFI Capital Resources Group, Inc.
Founded in 1983 and headquartered in New York City, GFI Capital Resources Group, Inc. is a leading, diversified provider of comprehensive real estate and insurance services to clients throughout the U.S. Through an integrated platform of affiliates specializing in mortgage banking, commercial real estate sales and finance, property management, insurance and development, along with its hotel affiliate, GB Lodging, GFI is powered by strong relationships with major financial institutions, investors, and buyers and sellers of real estate.
GFI has built its reputation on a steadfast commitment to maintaining the highest level of professionalism in every aspect of its business. The company’s service-oriented culture, extensive network and deep knowledge of local markets strongly position GFI to deliver unparalleled value and results. For more information, visit gficap.com.