The Real Deal New York

Bridgeton sells Kips Bay multifamily portfolio to Bolanos family for $29M

Five-building deal marks Garden City-based buyer's first Manhattan acquisition

February 09, 2016 06:25PM
By Katherine Clarke

Atit Jariwala, CEO of Bridgeton Holdings, and the East 33rd Street properties

Atit Jariwala, CEO of Bridgeton Holdings, and the East 33rd Street properties

Bridgeton Holdings, fresh off the back of a $78 million hotel acquisition in Greenwich Village, sold off a portfolio of five Kips Bay multifamily buildings to the Garden City-based Bolanos family.

The family paid $29 million, or $814 per square foot. With the deal, the buyer, which controls Bolanos Properties LLC, made its first-ever Manhattan acquisition.

The properties, located on East 33rd Street between First and Third Avenues, comprise a total 65 apartments — 37 of which were free-market units — and two commercial units across three five-story elevator buildings and two four-story walk-ups. The addresses of the buildings are 234, 244 and 247-249 East 33rd Street and 333 and 335 East 33rd Street.

Peter Von Der Ahe and Joe Koicim

Peter Von Der Ahe and Joe Koicim

Bridgeton Holdings, a NoMad-based investment firm, bought the buildings for $20.6 million in 2013, records show.

“This was the only income-producing multifamily asset that they owned in New York,” said Marcus & Millichap’s Joseph Koicim, who brokered the deal alongside Peter Von Der Ahe and David Lloyd.

Both the buyer and seller were executing 1031 exchanges.

A spokesperson for Bridgeton was not immediately available for comment. The company recently snagged the Jade Hotel at 52 West 13th Street for $78 million from Gemini Real Estate Advisors, which was auctioning it off amid a dispute among its principals.

The Bolanos family declined to comment.

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