Chestnut Holdings buys 10-building Bronx portfolio for $47M

Rental properties are located in South Bronx and Fordham Manor

TRD NEW YORK /
Apr.April 12, 2016 12:35 PM

Chestnut Holdings continues to amass properties in the Bronx, paying $46.6 million for a 10-building portfolio in the borough. The Bronx landlord bought the properties from San Francisco-based investment firm Prana Investments.

The family-owned real estate investment firm, led by Jonathan Wiener, acquired the buildings, which are located from the South Bronx to Fordham Manor, Crain’s reported.

Rosewood Realty Group’s Aaron Jungreis brokered the deal.

In 2013, Chestnut bought the three-building Shalom Aleichem Houses in Van Cortlandt Village for $22 million. The firm also purchased a 11-building portfolio in the Highbridge section of the borough for around $46.8 million in 2011.

Chestnut is not the only one snatching up property in the borough. In December, the Related Companies, in partnership with New York City pension funds, acquired a 20-building Bronx portfolio for $112.5 million, The Real Deal reported. The purchase was the largest package to change hands in the borough last year.

Last year, A&E Real Estate purchased of a 441-unit complex in Riverdale for $89 million and an Asden Properties-led group acquired of 612 apartments for $90 million. [Crain’s]Dusica Sue Malesevic


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Minneapolis tops the list of best places to recover from divorce (Credit: iStock)

The best (and worst) cities for divorcees

Sidewalk Labs CEO Dan Doctoroff and a rendering of the tower (Credit: Sidewalk Labs/Michael Green Architecture and Gensler)

Alphabet’s wooden skyscraper in Toronto could be tallest in the world

Real estate in states where cannabis use is legal is in high demand compared to states where use is illegal. (Credit: Pixabay)

Cannabis legalization drives demand for warehousing and retail: study

Adam Neumann and some of the properties, Museum Place and 225 West Julian in San Jose 

Adam Neumann no longer has a vision for San Jose

Greystar CEO Bob Faith and the Parkside Place Apartments in Cary, North Carolina (Credit: Greystar and Apartments)

What Greystar’s belief in multifamily says about the health of the economy

arrow_forward_ios
Loading...