Black Spruce buys 11-building multifamily package in Bronx

Alpert & Sons owned the 345 rental units for years

From left: 1898 Belmont Avenue and 2082 Crotona Parkway, both in the Bronx, and Rosewood Realty's Aaron Jungreis
From left: 1898 Belmont Avenue and 2082 Crotona Parkway, both in the Bronx, and Rosewood Realty's Aaron Jungreis

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.

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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.