GF Financial Acquires 1422 Nelson Avenue Multi-Family Building In Bronx For $11M

The multi-family property located at 1422 Nelson Avenue in New York, Bronx has been sold for $11,000,000. The 6-story, elevator building comprises of 72 large apartments and has a total square footage of 70,500. The price per square foot for this transaction is $156, while the price per unit is approximately $152,777. The sale took place on March 5, 2018.

Summary of transaction details

• Property Type: Multi-family
• Transaction Amount: $11,000,000
• Address: 1422 Nelson Avenue, New York, Bronx
• Market: Bronx
• Square Footage: 70,500
• Price per Square Foot: $156
• Price per Unit: $152,777

The sellers of the property were Steve Zervoudis and Richard Sica of Galaxy General, while the buyer was Morris Weinberg of GF Financial. The deal was facilitated by the brokers Jonathan Shainberg, Shallini Mehra, and Amit Doshi from Besen & Associates. The transaction involved a regulatory agreement governed by the LIHTC program, aimed at low-income housing tax credits. Additionally, the property benefits from a J51-tax exemption, providing a tax incentive of $600,000 to the buyer until the exemption expires in June 2031.