Related makes biggest Bronx portfolio deal of the year 

Firm acquires 737-unit package in partnership with NYC pension funds for $113M

TRD New York /
Dec.December 24, 2015 03:46 PM

Related Cos., in partnership with New York City pension funds, is ramping up its multifamily moves, with the $112.5 million purchase of a 20-building Bronx portfolio – the largest package to change hands in the borough this year, sources told The Real Deal.

The portfolio contains 737 apartments spread throughout the North, West and South Bronx. In a statement, a spokesperson for Related confirmed the portfolio buy and said the firm’s Related Fund Management arm and the pension funds plan to preserve the units in a long-term hold as workforce housing.

The buildings are largely low-rise walkups with rent-stabilized units. They are in a mix of working-class and middle-class neighborhoods such as Soundview, Wakefield, High Bridge and Fordham.

A group of private Brooklyn Heights-based investors known as Eastern Capital Partners acquired the properties in several transactions over the past five years, records show.

Addresses include 4002-4004 Carpenter Avenue, 1085-1095 Colgate Avenue, 2608 Creston Avenue and 1065 Jerome Avenue, among others.

Rosewood Realty Group’s Aaron Jungreis and Besen & Associates’ Amit Doshi and Ron Cohen each brokered portions of the deal. Jungreis, Doshi and Cohen declined to comment.

Last year, Related and the city pension funds to acquire 35 rental buildings from Stanley Wasserman’s SW Management for $270 million. Over the summer, the development giant behind the Hudson Yards megaproject scooped up a 10-building, Brooklyn-and-Queens package from Silvershore Properties and three formerly distressed buildings in Marine Park.

The Bronx is undergoing something of a residential renaissance, with more than 11.5 million square feet of residential real estate under development borough-wide, according to a TRD analysis in September.

Two of the other large Bronx portfolios of the year include A&E Real Estate’s purchase of a 441-unit complex in Riverdale for $89 million and an Asden Properties-led group’s acquisition of 612 apartments for $90 million.


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

Private developer’s NYCHA project in Mott Haven lands $79M in financing
1323 Boston Road, Jeff Fox (Credit: Google Maps)

Foxy Management plans another Bronx senior housing project

Foxy Management plans another Bronx senior housing project
Neiman Marcus Group CEO Geoffroy van Raemdonck and Neiman Marcus at Hudson Yards (Credit: Raemdonck by NEIL RASMUS/Patrick McMullan via Getty Images; background by Noam Galai/Getty Images)

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards
29 Beekman Street (Credit: StreetEasy; Google Maps)

Midtown East mansion with ties to shah of Iran gets another steep price chop

Midtown East mansion with ties to shah of Iran gets another steep price chop
Douglas Eisenberg, Stephen Ross, Isaac Kassirer and Charles Kushner (Credit: Kushner by Sasha Maslov, Ross by Sean Zanni/Patrick McMullan via Getty Images)

Rent strike targets landlords who can “take the hit”

Rent strike targets landlords who can “take the hit”
A photo illustration of Stephen Ross and Time Warner Center (Credit: Joel Auerbach/Getty Images, Wikimedia Commons)

Related plans Time Warner Center revamp

Related plans Time Warner Center revamp
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...