The Real Deal New York

Black Spruce buys 11-building multifamily package in Bronx

Alpert & Sons owned the 345 rental units for years
By Claire Moses | Twitter_logo_blue copy July 10, 2015 12:00PM

Josh Gotlib’s Black Spruce Management picked up an 11-building package in the Belmont, East Tremont and West Farms sections of the Bronx for a combined $51.5 million, The Real Deal has learned.

The rental properties include 345 apartments and two retail spaces. Gotlib is planning to keep the properties for long-term hold, according to a source close to the deal.

Stuart Alpert’s Alpert & Sons sold the package. The 11 elevator buildings are located at 1898-1910, 1899 Belmont Avenue; 1892-1894 Arthur Avenue; 2082 Crotona Parkway; 2083, 2088-2090 Mohegan Avenue; 2095 Honeywell Avenue and 876 East 180th Street. Property records indicate that Alpert owned the buildings for multiple decades.

Rosewood Realty’s Aaron Jungreis was the sole broker on the transaction. Both Gotlib and Jungreis declined to comment.

A week before closing on the deal, Black Spruce sold two of its properties — 213-217 West 238th Street and 3804 Bailey Avenue, both in Riverdale — to the Related Companies for a combined $19.5 million. The two five-story walkups included 129 rental apartments.

Black Spruce has been active lately. In April, Midtown-based investment firm sold a Flatbush rental building for $26.5 million. In the same month, Gotlib picked up seven Bronx buildings that used to be part of Normandy Real Estate Partners’ and Westbrook Partners’ “Three Borough Pool” portfolio.