The Real Deal New York

Related snags Stellar’s Bronx rental for $66M

Gluck bought property in 2005 for $17.5M
By Mark Maurer | March 18, 2015 05:50PM

The Related Companies is adding to its Bronx holdings with the $66 million purchase of a 10-story, 422,000-square-foot rental building in the Castle Hill neighborhood, The Real Deal has learned.

The 355-unit property at 2001-2045 Story Avenue, also known as Puglsey Avenue, was formerly part of the Mitchell-Lama Housing Program. The seller, Laurence Gluck’s Stellar Management, paid $17.5 million for it in 2005 and then spent millions on building-wide renovations, sources said.

The property, located in the South Central section of the borough, offers 491,000 buildable square feet and contains a 38,000-square-foot parking garage.

Rosewood Realty Group’s Aaron Jungreis, who declined to comment, represented both sides in the deal.

Related wants to preserve the building as “workforce rental housing” and has no plans to convert the units to condominiums, sources said.

A representative for Related could not be immediately reached for comment, while Gluck declined to comment.

Last year, Related, in partnership with the New York City Pension Funds, picked up a 35-building rental portfolio in the Bronx for $270 million, as previously reported.

Adam Pincus contributed reporting.