Successful Sale of 2515–2545 Olinville Avenue in Bronxdale, Bronx
Bob Knakal successfully brokered the $10,740,000 sale of the Ollinville Avenue Portfolio, a four-building multifamily package located at 2515, 2531, 2541, and 2545 Olinville Avenue in the Bronxdale neighborhood of the Bronx. The portfolio consisted of both elevator and walk-up buildings, totaling 133 units across 133,814 square feet.
The sale represented a strategic acquisition for the buyer, Finkelstein Timberger Real Estate, led by Steve Finkelstein and Richard Timberger. Representing the seller, Bethco Corporation (also known as Centerlight Health Systems), Bob Knakal facilitated a competitive process that maximized value for the nonprofit owner.
Elevator Building Sales - For the complete list click here Elevator Buildings
Sale Details
The portfolio sold for $10,740,000, translating to approximately $80.26 per square foot.
- Buyer: Finkelstein Timberger Real Estate (Steve Finkelstein, Richard Timberger)
- Seller: Bethco Corporation aka Centerlight Health Systems (Stephen Mann)
- Seller Type: Non-Profit
- Sale Date: May 30, 2013
- Asset Class: Multifamily – Elevator, Multifamily – Walk-Up
- Total Units: 133
- Total SF/BSF: 133,814
- Price/SF: $80.26
Highlights of the Transaction:
- Four-building multifamily portfolio in Bronxdale
- Combination of elevator and walk-up buildings
- Fully stabilized rent roll with long-term upside
- Rare opportunity to acquire scale in a high-demand Bronx submarket
Property Details
The portfolio comprises four residential buildings located on Olinville Avenue between Allerton Avenue and Mace Avenue, in the heart of Bronxdale. The addresses include:
- 2515 Olinville Avenue (Elevator building)
- 2531 Olinville Avenue (Walk-up)
- 2541 Olinville Avenue (Walk-up)
- 2545 Olinville Avenue (Walk-up)
This submarket has grown increasingly popular among multifamily investors due to its access to public transportation, stable tenant base, and strong rental demand.
Investment Highlights:
- Year Built: Pre-war
- Building Types: One elevator and three walk-up buildings
- Stories: Varies by building (elevator: mid-rise, walk-ups: low-rise)
- Lot Size & Zoning: Primarily R6 zoning (per NYC zoning map), residential
- Total Rentable SF: 133,814 SF
- Total Units: 133
Market Strategy and Positioning
At the time of sale, the Bronx multifamily market was gaining momentum, with investor interest shifting uptown in search of value and yield. Stabilized assets like the Olinville Avenue Portfolio provided immediate cash flow with long-term appreciation potential.
Bob Knakal’s marketing strategy leveraged the scale and unit mix of the portfolio, attracting multiple competitive offers from both institutional and family office investors. The result was a sale price that exceeded initial expectations.
Neighborhood Overview
Bronxdale is a residential neighborhood in the central Bronx, known for its quiet streets, accessibility, and strong community roots. The area offers a mix of pre-war buildings and newer developments, drawing families and long-term tenants.
Local Highlights:
- Walking distance to the Allerton Avenue [2/5] subway station
- Proximity to Bronx Park, home to the Bronx Zoo and New York Botanical Garden
- Easy access to the Bronx River Parkway and Pelham Parkway
- Home to a mix of schools, supermarkets, and small businesses
Conclusion
The sale of the Ollinville Avenue Portfolio highlights Bob Knakal’s expertise in marketing and executing multifamily transactions across New York City. With a deep understanding of the Bronx submarkets and a strong network of active buyers, Bob was able to achieve a successful outcome for a nonprofit seller while positioning the buyer for long-term value creation.
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Frequently Asked Questions
Q1: What kind of buildings are included in the Olinville Avenue Portfolio?
The portfolio includes one elevator building and three walk-up buildings with a total of 133 units.
Q2: Why is Bronxdale an attractive neighborhood for multifamily investment?
Bronxdale offers a stable tenant base, excellent public transportation, and access to major highways and parks, making it a solid choice for long-term investors.
Q3: What was the total square footage and unit count of the portfolio?
The portfolio spans 133,814 square feet and contains 133 residential units across four buildings.
