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.

  • Stevepra

    A rear mistake by Rubin?

    • KG18

      4 years later… Double the price. The NYC market is crazy.

    • Marc

      I’m sure he made money when he sold it and did a 1031 as he always has his money working for him. Mr. Schron is way above most of us in his ability to get in and out of deals. I’ll speak for myself as there’s nothing I could ever teach him. ANYTHING in NYC is way way up these past few years and Mr. Schron has been in the thick of it all so I doubt it was a mistake.