The Real Deal New York

Prana buys five-building Bronx portfolio for $36M

214-unit multifamily package scattered around Fordham

September 29, 2016 03:40PM
By Mark Maurer

2101 and 2499 Grand Ave (inset: Prana Investments' Neil McKinnon)

From left: 2101 and 2499 Grand Avenue in the Bronx (inset: Prana Investments’ Neil McKinnon)

Prana Investments sunk its teeth into a five-building West Bronx multifamily portfolio for $35.8 million, or about $184 per square foot, sources told The Real Deal.

The portfolio consists of three five-story walk-ups and two six-story elevator buildings, largely concentrated in the Fordham neighborhoods. The buildings have a total of 214 apartments and span about 195,000 square feet.

1900 Grand Concourse

1900 Grand Concourse

The addresses are 2489 Morris Avenue, 1900 Grand Concourse, 1225 Sherman Avenue and 2101 and 2499 Grand Avenue. The building at 1900 Grand Concourse is the only one with air rights, at 9,860 square feet.

The deal closed Wednesday at about 12 times the rent roll. The apartments are almost entirely rent-stabilized, with rents averaging $1,155 per month, according to marketing materials obtained by TRD.

The seller, landlord Michael Goldberg’s Enclave Equities, bought two of the buildings in the mid-1990s and three in 2000. Goldberg confirmed the sale. A spokesperson for Prana could not be reached for comment.

All of the buildings were constructed in the 1920s, with the exception of 1225 Sherman Avenue, which was built in 1937.

Rosewood Realty Group’s TRData LogoTINY Aaron Jungreis brokered the deal.

Prana, a San Francisco-based investment firm led by Neil McKinnon, is a frequent multifamily player in the Bronx and in Upper Manhattan. The firm sold 10 Bronx buildings for $47 million in April and bought three Washington Heights properties for $45 million in June.

Enclave is currently developing a 160-unit rental building in Mount Vernon’s Fleetwood neighborhood.