The Real Deal New York

Normandy sells eight Bronx buildings to Black Spruce for $58M

Buyer taking on portion of troubled 42-building portfolio
By Claire Moses | April 02, 2015 06:00PM

UPDATED, 2:45 p.m. April 3: Normandy Real Estate sold eight Bronx properties of a 42-building portfolio for nearly $58 million, according to property records filed with the city today.

Midtown-based Black Spruce Management is the buyer of the rental buildings located at 1511-1521 Sheridan Avenue, 265-269 East 194th Street, 1967-1971 Marmion Avenue, 709-715 Fairmont Place, 2401 Davidson Avenue, 2391 Davidson Avenue And 51 Buchanan Place.

Normandy and Westbrook Partners reached an agreement with Attorney General Eric Schneiderman to replace the management in the buildings, after the properties racked up hundreds of housing code violations. Tenants had sued the current landlords, as well as former owner David Kramer and his Colonial Management, for overcharges and illegal fees.

As part of the agreement, tenants in the 1,700 affordable apartments in the portfolio received a one-time $600 rent rebate.