The Real Deal New York

Clinton Towers in the Bronx hit the market for $70M

Three 16-story affordable-housing buildings hold 455 units
By Mark Maurer | October 23, 2014 02:45PM

Clinton Towers, a three-building affordable-housing complex in the Bronx neighborhood of Tremont, hit the market this week for $70 million.

The site at 750 East 179th Street, 740 East 178th Street and 730 Oakland Place was built in the early 1970s under the auspices of the Mitchell-Lama Housing Program. The properties are 16 stories and about 145,000 square foot apiece. Together, they hold 455 free-market apartments.

The complex spans three adjacent block-fronts on Clinton Avenue, roughly one block from the Cross Bronx Expressway. In addition to the apartments, there is also an office, parking, laundry facilities and terraces.

An Astoria, Queens-based private investor and doctor affiliated with Clinton-Oakland Towers LLC and Clinton-178 Towers LLC acquired the buildings from Brooklyn investor Rubin Schron for $35.5 million in 2010, as The Real Deal reported.

A broker team at commercial real estate brokerage Marcus & Millichap including Marco Lala, Jack Lala and David Raciti has the listing. Marco Lala said there are already 10 offers on the table.

Elsewhere in the neighborhood, hundreds of affordable-housing units are in the pipeline in the wake of a rezoning of a 75-block stretch of East Tremont and West Farms, as previously reported.