The Real Deal New York

Accused slumlord Ved Parkash buys Bronx rentals for $28M

Buildings on Kingsbridge Terrace combine to hold 162 units

October 03, 2016 01:10PM
By Mark Maurer

2899 and 2905-2907 Kingsbridge Terrace

2899 and 2905-2907 Kingsbridge Terrace in the Bronx

Ved Parkash, who is ranked New York City’s worst landlord on Public Advocate Letitia James’ watchlist, added two buildings to his vast Bronx multifamily holdings in a $27.5 million deal, sources told The Real Deal.

The pair of contiguous six-story elevator properties at 2899 and 2905-2907 Kingsbridge Terrace collectively hold 162 rent-stabilized apartments. The buildings, which span a total 155,000 square feet, are located in the northwest Bronx neighborhood of Kingsbridge Heights and just west of the Jerome Park Reservoir.

The seller, fellow Bronx landlord Isidoros Sfikas, paid $12.1 million for them in 2006, records show. The properties date back to the 1920s.

Parkash is planning a long-term hold, said Marco Lala, whose team at Marcus & Millichap TRData LogoTINY represented both sides in the deal.

The deal closed late last week for about $177 per square foot, or $170,000 per unit. The price comes out to nearly 14 times the rent roll.

As of late 2015, Parkash had 2,235 violations across 11 Bronx buildings that hold 720 apartments, according to James. Parkash owns about 60 buildings in the city and has collected at least $2.7 million in tax breaks over the past five years. Last year, Parkash bought two Bronxwood rental buildings for $30.6 million.

“When you have a few thousand units, you’re going to be on everybody’s radar,” said Lala.

Neither Parkash nor Sfikas could be immediately reached for comment.