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.