The Real Deal New York

Yechiel Weinberger, Bernard Miller buy Bronx portfolio for $42M

Seller Urban American assembled properties in ’06 for $25M
By Rich Bockmann | August 06, 2015 08:45AM

Brooklyn landlords Yechiel Weinberger and Bernard Miller bought a portfolio of six multi-family buildings in the north Bronx for more than $40 million, The Real Deal has learned.

The partners paid $42 million to buy the 364-unit portfolio from the private-equity backed Urban American Management, which assembled the properties in 2006 for a total of $25 million.

The properties are 2400 Valentine Avenue, 3273 Parkside Place, 312 East 206th Street, 2542 and 2532 University Avenue and 3210 Perry Avenue.

Zev Pollak of ZP Realty Capital brokered the deal.

Weinberger, who found himself near the top of the city’s worst-landlords list last year, said that 100 percent of the units are rent stabilized.

“And we intend to keep them stabilized,” he told TRD.

Urban American spent the earlier part of the 2000s going about building up a huge multifamily portfolio that remained intact through the recession, and last year an affiliate of Brookfield Properties bought a controlling stake in the $1 billion portfolio.

Earlier this year, Urban American picked up a three-building Williamsburg portfolio for just over $48 million.

Weinberger and Miller recently sold a Clinton Hill portfolio for $38 million, and are in contract to sell a Brownsville building they bought two years ago for $11 million to an undisclosed buyer for $25 million.