The Real Deal New York

Unidentified investor snags Bronx portfolio for $42M

Buyer picks up slew of Section 8 and rent-stablized buildings
By Katherine Clarke | April 01, 2014 05:18PM

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.