Unidentified investor snags Bronx portfolio for $42M

Buyer picks up slew of Section 8 and rent-stablized buildings

TRD New York /
Apr.April 01, 2014 05:18 PM

An unidentified Brooklyn-based investor has snapped up an 11-building affordable housing portfolio in the Bronx for $42.2 million, The Real Deal has learned.

All but two of the properties, located at 2078 And 2074 Crotona Parkway, 2132 And 2140 Daly Avenue, 1895 Belmont Avenue, 2146 Vyse Avenue, 968, 984 and 990 Bronx Park South and 2075 and 2079 Mohegan Avenue, are considered section 8 housing. All except for the two on Daly Avenue are rent-stabilized. The sale also includes a vacant lot across the street.

Aaron Jungreis and Mike Kerwin of Rosewood Realty Group brokered the deal on behalf of the seller, while Michael Guttman of the same company procured the buyer. Eastern Union Funding’s Eli Breiner secured the financing for the deal in the form of a $33.76 million loan from Customers Bank.

The new owner will spend $800,000 on improvements including the replacement of 10 boilers, sources said.

An LLC dubbed Mohegan Crotona Associates had owned the properties since the 1980s, public records show.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

Maddd Equities, Joy Construction score $64M for massive Bronx project
1323 Boston Road, Jeff Fox (Credit: Google Maps)

Foxy Management plans another Bronx senior housing project

Foxy Management plans another Bronx senior housing project
RXR Realty's Scott Rechler and 2413 Third Avenue in the Bronx (Credit: Getty Images; Google Maps)

RXR planning 200-unit South Bronx project

RXR planning 200-unit South Bronx project
From the top: 1600 Macombs Road, 625 Brook Avenue and 2082 Boston Road in the Bronx (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
1073 Summit Avenue in the Bronx and Stagg Group CEO Mark Stagg (Credit: Google Maps)

Stagg Group to build 105-apartment complex in Highbridge

Stagg Group to build 105-apartment complex in Highbridge
From left: Jonathan Brody, Aaron Jungreis, and Alan Soclof

Stung by NY rent laws, Rosewood Realty is going nationwide

Stung by NY rent laws, Rosewood Realty is going nationwide
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...