GFI Realty Services, Inc., one of the leading New York-based commercial real estate services firms, arranged the sale of a portfolio of five adjacent multifamily properties on Bronx Park South for $24 million.
GFI’s Shulem Paneth and Eli Matyas represented the buyer, and GFI’s Yosef Katz represented the seller, Rising Development-BPS, LLC.
“The offering provided investors with the rare opportunity to acquire a portfolio of five adjacent elevator multifamily properties, in the emerging Bronx Park South neighborhood,” said Paneth. “The purchaser recognized the long-term upside potential in the strengthening real estate fundamentals of Bronx residential properties, as demand for housing continues to drive rents and sales pricing in stable neighborhoods such as Bronx Park South. The pricing of $117,000 per unit we achieved is indicative of the increased focus of investors on opportunities in the Bronx real estate market.”
Consisting of 206 units and 190,000 s/f, the properties are located near Bronx Park, the Bronx Zoo and Pelham Parkway, a major retail corridor in Bronx. The property addresses include 922-926, 932-934, 938-940, and 944 Bronx Park South, and 2137 Vyse Avenue, which are all contiguous on Bronx Park South.
“The seller was seeking to take advantage of increased investor interest in stable Bronx neighborhoods, with more attractive yields in comparison to Manhattan, Brooklyn and Queens, and the current competitive market for well-maintained market-rent residential properties, where rents are in the range of 20% below the overall market,” said Katz. “GFI Realty has a significant track record of success in Bronx, and is well positioned to assist sellers and investors in identifying opportunities in this market.”