New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  + Uptown/Bronx  + Apartments  | 

Meridian’s Team Doshi Sells Rent-Stabilized Property in Pelham Bay

Meridian’s Amit Doshi and Shallini Mehra recently sold 2955 E. 196th St. in the Bronx’s Pelham Bay section. Built in 1931, the 35,000-square-foot corner property includes 37 apartments and traded for $5.8 million, yielding a capitalization rate of 5.3%, $166 per square foot, $156,800 per unit, and a gross rent multiplier of 9.2 times. 

“The rent-stabilized buildings that are selling in the current strict regulatory environment are well maintained, boast organized tenant files and have solid collections,” said Mehra. “2955 E. 196th checked all of these boxes and sold within two weeks of being on the market.”

The transaction, which closed in less than 75 days, had acquisition financing negotiated by Meridian Capital Group’s Zev Feder and Jason Bogopulsky.The team represented both the seller, Ralph Della Cava of R. A. Cohen, and the purchaser, the Lajqi family.


Inside The Story

Meridian Investment Sales

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 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).