Mixed-Use Belmont Property Trades Between Local Investors
GFI Realty Services has brokered the $1.875-million sale of 2320 Hughes Ave., a corner mixed-use building in the Belmont section of the Bronx. The firm’s Zach Fuchs represented the seller, while GFI’s Shawn Sadaghati advised the buyer. Both the buyer and seller are local investors.
Constructed in 1913, the four-story building totals approximately 7,246 square feet. It contains six two-bedroom apartments and two ground-floor retail units.
“This asset benefits from its positioning on a prime corner, and its proximity to the Arthur Avenue commercial corridor,” said Fuchs. He said Belmont is “extremely attractive to prospective residents looking for relatively affordable rents, coupled with an area that has a ‘warm neighborhood feel’.”
Added Sadaghati: “The buyer immediately recognized the value of this cash-producing asset located in proximity to mass transit and numerous neighborhood amenities. The new owners intend 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).