Bronx Multifamily Property Sells for $13.5 Million with $6.7 Million CMBS Loan
375 E. 209th Street, 2679 Decatur Avenue & 3053 Hull Avenue sold for $13.5 million with a $6.7 million CMBS loan.
A multifamily property located at 375 E. 209th Street, 2679 Decatur Avenue & 3053 Hull Avenue in the Bronx has been sold for 13.5 million. The buyer, who has not been disclosed, secured a 6.7 million CMBS loan from LMF Commercial (A Lennar Co.) – Nihad Choudhury (@NihadChy).
The property, which was owned by Yehuda A. Lowy, is a six-story walk-up building with 72 residential units. The building was constructed in 1928 and spans approximately 60,000 square feet. The property is located in the Norwood neighborhood of the Bronx, which has seen a surge in development in recent years.
The sale of this property is indicative of the strong demand for multifamily properties in the Bronx. The borough has seen a significant increase in investment activity in recent years, as investors seek to capitalize on the area’s growing population and improving economic conditions. The Bronx has also seen a surge in new development, with a number of large-scale projects currently underway.
The brokers involved in the transaction have not been disclosed. However, the sale of this property is likely to have a positive impact on the local real estate market, as it demonstrates the continued strength of the multifamily sector in the Bronx.