Ben Novic has bought a six-story multifamily building in the Bronx from Joey Yasgur for $5.25 million. The property, located at 4030 Bronx Blvd. between East 226th and East 228th Street, comprises 53 apartments and spans 50,338 square feet.  

Built in 1929, the property was sold at a cap rate of 8.1% and a gross rent multiplier (GRM) of 6.6, with a per-unit price of $99,000. The buyer acquired the property as a strategic addition to their existing portfolio of similar buildings in the area. 

Rosewood Realty Group’s Ben Khakshoor, Alex Fuchs, and Aaron Jungreis, along with GFI’s Zach Fuchs, represented both the buyer and the seller in the transaction.