GFI Realty Services arranged the $11.525-million sale of 3540 Decatur Ave., a 66-unit elevator building in the Bronx’s Norwood section. GFI associates Zachary Fuchs and Sasha Berg represented the seller, Richard Laubsh, and the buyer, Zeqe Mehmetaj.
Constructed in 1962, the six-story building totals approximately 67,000 square feet. It contains seven studio apartments, 47 one-bedroom apartments and 12 two-bedroom apartments.
“The buyer recognized the value of this cash-flowing asset located in proximity to mass transit and numerous neighborhood amenities,” said Berg. “The new owners were excited about the basis of under $175 thousand a door for an elevator building which makes for a safe long-term investment.”
Fuchs added that the property benefits from proximity to the White Plains Road commercial corridor and the Bronx River Parkway. Additionally, Norwood is “attractive to prospective residents looking for relatively affordable rents coupled with an area that has a ‘warm neighborhood feel’.”
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).