Bronx Multifamily Trades for First Time in Decades
Real Estate In-Depth | May 2019
NEW YORK—A 28-unit multifamily building on Bainbridge Avenue in the Norwood section of the Bronx has changed hands for the first time in nearly 35 years.
Cushman & Wakefield announced on May 8 that the firm had arranged the sale of 144 East 208th St., a 36,800-square-foot multifamily building in the Bronx. The final closing price was $4.25 million. The property was acquired by Prana Investments, which is headquartered in San Francisco.
Cushman & Wakefield’s Stephen Preuss, Jonathan Squires, Kevin Louie, Eric Roth and Addison Berniker, represented the seller, Don Lou Realty, in the transaction.
“The sale of 144 East 208th Street was the first ownership transaction of this Bronx property in almost 35 years. One could say that the Bronx market has greatly improved in this time frame as the seller originally purchased the property for $160,000,” said Squires.
C&W’s Preuss added, “Our team was able to facilitate a sale from start to finish within 30 days of being hired. Our marketing process and territory platform proved to be effective tools for this sale.”
144 East 208th St. is a five story, 36,800-square-foot corner apartment building comprised of 28 units. The property is located on the Southwest corner of Bainbridge Avenue and East 208th Street.
The Norwood neighborhood is one of the Bronx’s most thriving neighborhoods with Montefiore Hospital a major presence in the area, C&W notes. The building is situated directly across the street from Williamsbridge Oval, one of the most popular parks in the borough and is in proximity to the D train at 205th Street Station as well as the 4 train at Mosholu Parkway Station.