Arben Mitaj Acquires Fordham Development Site For $7M

2181-2185 Morris Ave., 2176-2180 Walton Ave. in Fordham, Bronx has been sold in a ground lease transaction. The lessor, Barry Leon, entered into an agreement with the lessee, Arben Mitaj. The deal was facilitated by Israel Braun of Gaia Property Group. The development site is zoned as R8 and spans a total of 83,560 square feet. The sale price for this transaction was $7,000,000, with a price per buildable square foot (PPBSF) of $83. Image credit for the property goes to Israel Braun.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $7,000,000
• Address: 2181-2185 Morris Ave., 2176-2180 Walton Ave.
• Market: Fordham, Bronx
• Zoning: R8

Israel Braun from Gaia Property Group played a crucial role in representing both the lessor, Barry Leon, and the lessee, Arben Mitaj, in this ground lease transaction. The property, with a total buildable square footage of 83,560, offers significant development potential. The deal was successfully negotiated, resulting in a sale price of $7,000,000 at a PPBSF of $83. Israel Braun's involvement in this transaction showcases their expertise and commitment to facilitating successful real estate deals.