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

The seller, MacQuesten Development, built Palmer Court Homes in 2001

New York /
Jun.June 27, 2016 01:28 PM

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.

 
 

Related Articles

arrow_forward_ios
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
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
Edge Properties' Jeffrey Olson and 1948-1998 Bruckner Boulevard (Google Maps, Edge Properties)
Target coming to Urban Edge’s Buckner Commons
Target coming to Urban Edge’s Buckner Commons
From left: Amazon’s Andy Jassy and Innovo’s Andrew Chung along with a rendering of 2505 Bruckner Boulevard (Getty, Amazon, Innovo)
Amazon takes 568K sf at Innovo, Square Mile’s Bronx industrial complex
Amazon takes 568K sf at Innovo, Square Mile’s Bronx industrial complex
Mayor Eric Adams and City Council member Marjorie Velazquez with the Bruckner Boulevard rezoning site (NYC Department of Planning, Illustration by The Real Deal with Getty)
Council, developers strike deal for controversial Throggs Neck project
Council, developers strike deal for controversial Throggs Neck project
murder-for-hire
Murder-for-hire allegedly involved $45M real estate portfolio
Murder-for-hire allegedly involved $45M real estate portfolio
Davean Holdings’ Sean Lefkovits with 163-167 1st Avenue (Davean Holdings, Google Maps, Getty Images)
Davean Holdings snaps up East Village mixed-use buildings
Davean Holdings snaps up East Village mixed-use buildings
arrow_forward_ios

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

Loading...