Jamaica-based landlord Ved Parkash, named by an advocacy group as one of the city’s seven worst landlords, bought a pair of contiguous rental buildings in the east Bronx neighborhood of Bronxwood for $30.6 million, or $135 per square foot.
The properties are both six-story elevator buildings called the Mayfair and the Mayflower. The former is located at 2910 Wallace Avenue and the latter at 2911 Barnes Avenue, sitting back-to-back and occupying a block front.
Collectively, they contain 194 apartments and span 226,000 square feet. The buildings were both constructed in 1931.
Members of the Axelrod family have owned the building for more than 50 years. Axelrod Management recently also parted ways with a 441-unit Bronx rental complex, in a sale to Douglas Eisenberg’s A&E Real Estate for $89 million.
The brokers on the deal were Amit Doshi and Lynda Blumberg of Besen & Associates and Josh Oberlander and Shlomo Antebi of GFI Realty Services.
Nonprofit group Stablizing NYC’s list of “predatory equity landlords” also names Alma Realty, Benedict Realty Group, Icon, SMRC Management and Steve Croman.
According to Public Advocate Letitia James’ NYC Landlord Watchlist, Parkash has racked up 830 violations on four Bronx buildings that hold a total of 2,930 rental units. Parkash, who’s faced allegations that he’s a slumlord for years, could not be reached for comment.