Sam Applegrad buys 135-unit Bronx rental complex for $25M

The seller, MacQuesten Development, built Palmer Court Homes in 2001
By Rich Bockmann | June 27, 2016 01:28PM

Sam Applegrad’s Skyc Management picked up a 135-unit multifamily complex in the Bronx known as the Palmer Court Homes for nearly $25 million, according to property records filed with the city Monday.

The Bronx-based landlord shelled out $24.6 million to buy the buildings at 3300 and 3310 Palmer Avenue from MacQuesten Development, records show. The complex is located in the northeast Bronx neighborhood of Eastchester.

The purchase price works out to $182,222 per unit. All 135 apartments are rent-stabilized units, property tax records show.

Neither Applegrad nor MacQuesten could be immediately reached for comment. The Westchester-based MacQuesten, which develops both affordable and market-rate projects, built the 180,000-square-foot garden-style apartments in 2001 at a cost of $18 million, according to its website.

Applegrad, who owns more than 30 properties, recently bought three mixed-use buildings in the Bronx for $34.3 million from Dalan Management, which is scaling back its footprint in the borough and Northern Manhattan in order to redeploy capital in Chelsea and the West Village.

Meanwhile, MacQuesten filed plans in February to build a 130-unit rental project in East New York.