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

Three 16-story affordable-housing buildings hold 455 units

TRD NEW YORK /
Oct.October 23, 2014 02:45 PM

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.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

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

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

38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

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

1073 Summit Avenue in the Bronx and Stagg Group CEO Mark Stagg (Credit: Google Maps)

Stagg Group to build 105-apartment complex in Highbridge

Rendering of La Central (Courtesy of FXCollaborative)

Here are the details on the next building in the Bronx’s La Central development

Mayor Bill de Blasio and City Council Speaker Corey Johnson with an aerial of 320 Concord Avenue, the site of the jail project (Credit: Getty Images, Google Maps)

Housing complex takes South Bronx jail project to court

arrow_forward_ios
Loading...