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Successful Sale of 676 Nereid Avenue in Wakefield, Bronx
Bob Knakal successfully closed the sale of 676 Nereid Avenue, a 22-unit multifamily walk-up building located in the Wakefield neighborhood of the Bronx.
The sale price of $1,675,000 marks a significant transaction for this corner-lot asset, which combines long-term upside potential with strong in-place income.
Bob served as the exclusive broker on the transaction, with Bob Knakal leading the marketing effort and closing strategy. The property’s prime location near the NYC-Mount Vernon border and its 17,952 buildable square feet made it a compelling investment opportunity.
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Sale Details
The 676 Nereid Avenue property traded hands for $1,675,000, representing a value of approximately $93.30 per buildable square foot.
The transaction closed on December 28, 2012, between Andrew Conte of the Conte Living Trust and Bekim Krasniqi.
Transaction Highlights:
- Sale Price: $1,675,000
- Price per SF/BSF: $93.30
- Units: 22 Residential Units
- Buyer: Bekim Krasniqi
- Seller: Andrew Conte, Conte Living Trust
- Sale Date: December 28, 2012
- Asset Class: Multifamily – Walk-Up
Property Details
Situated along Nereid Avenue between Mundy and Richardson Avenues, 676 Nereid Avenue occupies a strategic spot in the Wakefield section of the northern Bronx, right at the city line adjoining Mount Vernon, NY.
This walk-up building spans approximately 17,952 square feet and contains 22 units, offering stable occupancy and continued rental upside.
Full Address: 676 Nereid Avenue, Bronx, NY 10470
Zoning: R5 (residential)
Submarket: Wakefield, Northeast Bronx
Investment Highlights:
- Stories: Walk-up construction
- Units: 22 residential apartments
- Lot Dimensions and Area: Full lot with 17,952 buildable square feet
- Walk-up Configuration: No elevator, keeping operating costs lower
Market Strategy and Positioning
This transaction aligns with rising investor interest in workforce housing in transit-adjacent Bronx neighborhoods.
Wakefield has seen growing demand due to its proximity to Metro-North, multiple subway lines, and easy highway access.
The property’s pricing below $100/SF positioned it attractively for private investors seeking stable cash flow and long-term appreciation.
Bob Knakal emphasized these features to generate competitive interest and ultimately close with a qualified buyer at market value.
As with many walk-up deals, underwriting focused on rent-stabilized upside and low capital expenditures over time.
Neighborhood Overview: Wakefield, Bronx
Wakefield, the northernmost neighborhood in the Bronx, offers a stable, community-oriented environment with excellent transit connectivity and a vibrant mix of small businesses.
It borders Mount Vernon and offers one of the few true cross-city transition zones in NYC, giving it a unique character.
Neighborhood Highlights:
- Walking distance to Metro-North's Mount Vernon West and Wakefield–241st Street subway station (2 train)
- Nearby shopping on White Plains Road, a key commercial corridor
- Access to Bronx River Parkway and Cross County Parkway
- Close to Seton Falls Park and Van Cortlandt Park
In-depth Description:
Wakefield is a residential enclave known for its single- and multifamily housing stock, strong community ties, and access to public transportation. The area is attractive to working families and long-term renters who value quiet streets, tree-lined blocks, and convenient commuting options. Investors are increasingly turning their attention to Wakefield for its blend of affordability and strong tenant demand, particularly in rent-regulated buildings with operational efficiency.
Conclusion
The sale of 676 Nereid Avenue represents another successful Bronx multifamily transaction for Bob Knakal.
Its combination of 22 units, low per-square-foot pricing, and strategic location near major transit routes made it a standout opportunity in a competitive market.
Bob’s marketing and advisory expertise ensured a timely closing and an optimal outcome for both buyer and seller.
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Frequently Asked Questions
Q1: How many units are in 676 Nereid Avenue?
The property contains 22 residential units.
Q2: What is the square footage of the building?
The building spans approximately 17,952 buildable square feet.
Q3: Is 676 Nereid Avenue near public transportation?
Yes, it's located near the Wakefield–241st Street subway station (2 train) and Metro-North’s Mount Vernon West station, providing convenient access to Manhattan and Westchester.
