GFI Closes Multifamily Sale in Bronx’s Norwood Neighborhood
GFI Realty Services arranged the $3.250-million sale of 3091 Webster Ave., a 25-unit multifamily building located in the Norwood section of the Bronx. GFI associate Zachary Fuchs and senior managing director Matthew Sparks represented the seller, Lenny Prainito. Fuchs also represented the buyer, a local investor.
Constructed in 1920, the five-story building totals approximately 21,218 square feet, and is composed of 19 two-bedroom apartments and six one-bedroom apartments.
“This asset benefits from its positioning in proximity to the Bainbridge Avenue commercial corridor and Bronx Park,” said Sparks. “In addition, the neighborhood of Norwood is within blocks of the Fordham Manor area and all of its amenities.”
Added Fuchs, “The buyer immediately recognized the value of this cash-producing asset and intends to keep the asset for the long term and invest in capital improvements.”
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).