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New York

JPMorgan, Continental asking $90M for 13 Bronx resi buildings

90 percent of the units are rent-stabilized

1685 Morris Avenue in the Bronx, one of the buildings in the portfolio
1685 Morris Avenue in the Bronx, one of the buildings in the portfolio

JPMorgan Chase and Continental Properties are looking to cash in on growing interest in the Bronx by putting a 13-building residential portfolio up for sale with a target price of $90 million.

The portfolio consists of 612 rental units, 90 percent of which are rent-stabilized, according to Crain’s. The buildings are located across several Bronx neighborhoods

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Some investors are wary of rent-stabilized purchases right now because the Rent Guidelines Board allowed a very small rent increase last year and may freeze rents for the coming year. However, the Bronx has been attracting more investor attention in the face of skyrocketing prices in Manhattan, Brooklyn and Queens.

Ariel Property Advisors’ Shimon Shkury and broker Victor Sozio are representing the sellers.

“A lot of investors look at the Bronx as one of the last areas of the city where there’s untapped upside,” Sozio said. “Other areas of the city are too frothy for investors, so they’re refocusing there.” [Crain’s] — Tess Hofmann

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