11-building Bronx portfolio fetches $47M

New York /
Nov.November 18, 2011 05:51 PM

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From left: 1220 and 1250 Grand Concourse are two of the 11 buildings (credit: PropertyShark)
A portfolio of 11 buildings in the Highbridge section of the Bronx has been sold for roughly $46.8 million, according to records filed with the city the past two days. The buildings are mostly along Sheridan Avenue and the Grand Concourse between 167th and 170th streets, north of Yankee Stadium, and possess a total of 486 units, according to PropertyShark.com.

Chestnut Holdings is listed as the buyer of all 11 buildings. The Riverdale-based firm, led by CEO Jonathan Wiener, nearly purchased the distressed, 10-building Milbank portfolio in Kingsbridge last year, according to published reports. Chestnut ultimately backed out for fear that the buildings required too much work, and eventually Scarsdale-based landlord Steve Finkelstein bought the buildings for $27.75 million.

The seller has different LLCs for each property, but with the same address. Department of State and PropertyShark.com records indicate that California-based real estate company Prana is selling the portfolio.

Chestnut Holdings did not return calls for comment, and Prana was not immediately reachable. — Adam Fusfeld


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