NEW YORK CITY-GFI Realty Services has sold Fulton and Fordham Towers for $41.3 million. An unnamed local investor took the residential properties in an off-market transaction.

The 17-story and 15-story towers, located in the Bronx at 530-540 E. 169th St. and 480 E. 188th St., total 470 residential units. The selling price factors out to $87,000 per unit. GFI’s Aaron Jungreis, David Berger and Jay Davidson represented both sides in the deal.

“As soon as we started quietly marketing these properties, our buyer grabbed them with minimal negotiations,” Jungreis says. “We usually don’t need to make more than one or two phone calls to get the right buyer to commit to a deal. When we get a property for sale, we are able to identify who the buyer will be almost immediately.”

The new owner plans to do capital improvements on both facilities, although the extent of that construction is unknown.

“Given the demand for large, well located assets in this area of the Bronx, the Fulton and Fordham Towers sold for a price of $87,000 per unit, which was in line with the current market,” Berger says. “Both the seller and purchaser are veterans of the business, and the deal was consummated quickly. The Towers are situated in one of the New York metropolitan area’s most densely populated markets, are strategically located, and have been well maintained by the seller.”

Just two months ago, Taconic Investment Partners and ING Clarion Partners paid $136 million for 1,416 units here. GFI also represented the buyer and the seller in this transaction, which included 1400 Hicks St., 3485 Corsa Ave., 3444 Fish Ave., 3438 Wilson Ave. and 3437 Eastchester Rd.

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