Bluestone acquires Bronx complex for $17.4M

Real estate investment firm the Bluestone Group announced this morning the purchase of a 218-unit, three-building apartment complex at 3138, 3150 and 3300 Bailey Avenue in the North Bronx. The $17.4 million purchase was made by a joint venture partnership with Lantower Realty, a subsidiary of Toronto-based Lanterra Developments. Bluestone also announced that it acquired four loans with a total value of $7 million in the Bronx. “By acquiring assets below the debt levels rather than at market prices, it allows us to properly address the needs of the property and tenants,” said Eli Tabak, a principal at Bluestone. “It is also consistent with our business model of purchasing distressed debt secured by assets acquired at the height of the market in over-leveraged pro-forma based transactions.” TRD