The Real Deal New York

Asden picks up 170-unit Bronx building for $26M

Morgan Real Estate bought the property in 2013 for $17M

April 09, 2015 01:53PM
By Tess Hofmann

1777 Grand Concourse in the Bronx

1777 Grand Concourse in the Bronx

Asden Properties acquired a 170-unit apartment building in the Bronx for $25.6 million, according to property records filed with the city today.

The 12-story property is located at 1777 Grand Concourse in the Mount Hope neighborhood. The seller, Morgan Real Estate, purchased it in 2013 for $16.9 million, and before that it traded for $15 million in 2012.

Constructed in 1948, the building also contains two retail units, and spans a total of about 172,000 square feet, records show.

Asden also owns a 114-unit residential building at 3224 Grand Concourse, and seven other residential buildings across the Bronx. In December, it purchased two buildings on Dekalb Avenue for a total of $18.8 million. 

Eli Bleeman runs Asden, a Jackson, N.J.-based development firm, and was not immediately available to comment.

Kyna Doles contributed reporting.

  • richjew

    Kaseera is runing around like a chicken without a head. Hes barely managing. Not sure why medallionbleeman keeps on giving him money.

    • Abundance

      you obviously don’t know anything about NYC real estate by your comment. learn the market and the prices that properties on the Concourse command before commenting.

      • richjew

        Haaa…. youve obviously never owned or managed property in the bronx. I know what people are paying. They are crazy!! Ask kaseera ( the guy managing for bleeman ) how hes doing on the other concourse properties they bought. They are barely treading water. Nevermind all the gas issues concourse properties are having.

        Your max average rent on the concourse will be $1,300. And that is if you turn all the apartments.

        If your paying 13/14 x rr may as well buy in other areas of the city where the jump in rent is higher once you turn the apartment’s

        • JewInTheKnow

          Just spoke with Kasera, and says that they’re getting $1,500 for 1 bedrooms on the concourse. 2nd they had the sellers pay them to repair the gas. 3rd Kasera isn’t managing the day to day.

          • richjew

            No way hes getting 1500. Avg. 1br is 1250 on a good day if u put alot of money into the apartment.

            Sellers paid for gas. But hes still not up and running. Must be costing him more than what seller paid. Plus hpd must be all over him bec. of gas.

    • Guest

      ★✩★✩I RECEIVED FIRST DRAFT OF $13000!@ak16:




    • Marc

      I would respectfully disagree. Although I don’t have first hand knowledge of Bronx rentals this sounds quite reasonable for NYC without knowing condition of units/neighborhood/proximity/rent stabilization effect to mass transit to Manhattan. All else being equal 150K does not seem crazy and I generally comment against what I see are crazy prices being paid for buildings. I would bet upside in this neighborhood is much better than anywhere north to between Toronto.