The Real Deal New York

Bridgeton sells Kips Bay multifamily portfolio to Bolanos family for $29M

Five-building deal marks Garden City-based buyer's first Manhattan acquisition
By Katherine Clarke | February 09, 2016 06:25PM

Bridgeton Holdings, fresh off the back of a $78 million hotel acquisition in Greenwich Village, sold off a portfolio of five Kips Bay multifamily buildings to the Garden City-based Bolanos family.

The family paid $29 million, or $814 per square foot. With the deal, the buyer, which controls Bolanos Properties LLC, made its first-ever Manhattan acquisition.

The properties, Located On East 33rd Street between First and Third Avenues, comprise a total 65 apartments — 37 of which were free-market units — and two commercial units across three five-story elevator buildings and two four-story walk-ups. The addresses of the buildings are 234, 244 and 247-249 East 33rd StreetAnd 333 And 335 East 33rd Street.

Bridgeton Holdings, a NoMad-based investment firm, bought the buildings for $20.6 million in 2013, records show.

“This was the only income-producing multifamily asset that they owned in New York,” said Marcus & Millichap’s Joseph Koicim, who brokered the deal alongside Peter Von Der Ahe and David Lloyd.

Both the buyer and seller were executing 1031 exchanges.

A spokesperson for Bridgeton was not immediately available for comment. The company recently snagged the Jade Hotel at 52 West 13th Street for $78 million from Gemini Real Estate Advisors, which was auctioning it off amid a dispute among its principals.

The Bolanos family declined to comment.