New York & Tri-State + Apartments | March 9, 2021

Bronx Elevator Building Trades After 50-Year Hold

Meridian Investment Sales’ Amit Doshi and Shallini Mehra recently sold 2775 Morris Ave., a 1932 Art Deco elevator building located in the Fordham section of the North Bronx. The 48-unit property traded for $5.6 million, or $95 per square foot and $116,600 per unit, with fa capitalization rate of 5%,

“Having transacted numerous times in the Fordham market, we were able to identify the purchaser quickly,” said Mehra. “The property had excellent paperwork and literally zero violations. It was owned by the same family for 50-plus years.”
Doshi added, “The demand by investors for workforce housing in these areas is strong due to high occupancy and better-than-expected collections.”

The team represented both the seller, the Miller family, and the purchaser, Paul Gazivoda. Jacob Rochlitz and Joseph Akerman of Meridian’s mortgage brokerage division negotiated the acquisition financing.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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