The Real Deal New York

North Bronx portfolio trades for $53M

Overnight deal for Pelham Parkway properties was “eight years in the making”

February 18, 2014 01:15PM
By Katherine Clarke

Amit Doshi and Lynda Blumberg of Besen & Associates and 2160 Matthews Avenue

Amit Doshi and Lynda Blumberg of Besen & Associates and 2160 Matthews Avenue

A four-building North Bronx portfolio comprising 305 apartments has sold for $53 million, or $158 per square foot, The Real Deal has learned.

The buildings, located at 2160 Matthews Avenue, 1135 Pelham Parkway North, 1130 Pelham Parkway South, and 1540 Pelham Parkway South — all in the Pelham Parkway section of the Bronx — total 336,427 square feet.

Amit Doshi and Lynda Blumberg of Besen & Associates represented both the buyer and the seller in the deal. While they declined to identify either one, public records show that the seller was the Putter family, headed by landlord Bernard Putter. The buyer of the portfolio was a “local private investor with sizable holdings in New York City,” a Besen spokesperson said.

“This was an overnight deal that was eight years in the making,” Blumberg said. “We’d been working on this deal with both parties since 2006. Both the seller and purchaser are second-generation families of developers who had mutual respect for each other. The sellers had hoped to find a buyer who would keep the assets in the family for generations to come.”

The building at 1130 Pelham Parkway South, known as the Marberloy, is a seven-story, 51,600-square-foot brick structure containing 59 apartments. The 53-unit 1135 Pelham Parkway North boasts 57,000 square feet. The property at 1540 Pelham Parkway South is a 91,705-square-foot building with 60 apartments and 2160 Matthews Avenue, known as the Crystal House, has 133 apartments and a total 132,122 square feet.

The Putter family could not be reached for comment.

  • Proper

    $174,000/ unit in the bronx

    • Jack

      this is Pelham Parkway and is a very different market

    • Macny

      The is a high priced enclave in the bronx and isn’t reflective of the general bronx market. Some of these buildings have swimming pools indoors, and sunken living rooms…

  • Mike Shawn

    What a shame here new owners are real slumlords

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