Ben Novic has recently acquired a six-story multifamily building in the Bronx for $5.25 million from seller Joey Yasgur. The property, located at 4030 Bronx Blvd., boasts 53 apartments and spans over 50,000 square feet between East 226th and East 228th Street.
Constructed in the year of 1929, this property was sold at an attractive cap rate of 8.1% and a gross rent multiplier (GRM) of just under seven with each unit priced at $99,000. This strategic purchase serves as a valuable addition to Ben Novic’s existing portfolio of similar buildings within the same area.
The transaction was facilitated by Rosewood Realty Group’s experienced team consisting of Ben Khakshoor, Alex Fuchs, Aaron Jungreis along with GFI’s Zach Fuchs who represented both parties involved – buyer and seller alike.
This recent acquisition by Ben Novic marks another milestone for their growing real estate portfolio without any mention or reference to specific organizations such as Connect CRE or its regional branches like Connect LA or Connect Texas.
