Babo, Fuchs and Zamir of GFI Realty Services collaborate for $2.215 million sale
Bronx, NY GFI Realty Services, LLC handled the $2.215 million sale of 407-409 East 158th St., two adjacent parcels in the South Bronx. GFI associates Ohad Babo and Zachary Fuchs represented the seller, Peter Brooke. Kobi Zamir, also of GFI Realty, represented the buyer, Azimuth Development Group.
There are proposed plans in-place for this assemblage that allow for the construction of a 12-story residential building with community facility totaling 36,000 s/f.
“GFI has been very active in the Bronx, transacting everything from multifamily assets to development sites. We recently closed on a commercial property on East 149th Street, just ten blocks from the development site. As a team we are in line with investors that there is great value in the Bronx, particularly in the South Bronx marketplace,” said Babo.
“The Bronx continues to have a strong multifamily market, for both existing properties and development sites, and the seller thought now was the time to capitalize on the demand for those asset classes,” said Fuchs.
“The buyer is a well-established developer with a project under construction just down the block from the site,” said Zamir. “It made perfect sense to acquire this site as an addition to his multifamily development portfolio.”
There are 5,000 units expected to be constructed in the next couple of years in the South Bronx across 20 projects. The asset is situated near the Harlem River, the 145th St. Bridge and the Madison Ave. Bridge, where most of the development is taking place. Additionally, the site is within walking distance to Yankee Stadium and a few blocks from the major commercial corridor along Third Ave.