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.
Connect CRE reaches the top players in the industry across all property types, as well as every discipline that contributes to the dynamic world of CRE.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.