Prana buys five-building Bronx portfolio for $36M

214-unit multifamily package scattered around Fordham

TRD New York /
Sep.September 29, 2016 03:40 PM

Prana Investments sunk its teeth into a five-building West Bronx multifamily portfolio for $35.8 million, or about $184 per square foot, sources told The Real Deal.

The portfolio consists of three five-story walk-ups and two six-story elevator buildings, largely concentrated in the Fordham neighborhoods. The buildings have a total of 214 apartments and span about 195,000 square feet.

The addresses are 2489 Morris Avenue, 1900 Grand Concourse, 1225 Sherman Avenue and 2101 and 2499 Grand Avenue. The building at 1900 Grand Concourse is the only one with air rights, at 9,860 square feet.

The deal closed Wednesday at about 12 times the rent roll. The apartments are almost entirely rent-stabilized, with rents averaging $1,155 per month, according to marketing materials obtained by TRD.

The seller, landlord Michael Goldberg’s Enclave Equities, bought two of the buildings in the mid-1990s and three in 2000. Goldberg confirmed the sale. A spokesperson for Prana could not be reached for comment.

All of the buildings were constructed in the 1920s, with the exception of 1225 Sherman Avenue, which was built in 1937.

Rosewood Realty Group’s TRData LogoTINY Aaron Jungreis brokered the deal.

Prana, a San Francisco-based investment firm led by Neil McKinnon, is a frequent multifamily player in the Bronx and in Upper Manhattan. The firm sold 10 Bronx buildings for $47 million in April and bought three Washington Heights properties for $45 million in June.

Enclave is currently developing a 160-unit rental building in Mount Vernon’s Fleetwood neighborhood.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

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

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

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

Here’s what the $20M-$30M NYC investment sales market looked like last week

A rendering of 210 East 135th Street 

Cheskel Schwimmer lands $65M construction loan for South Bronx project

An aerial of 1580 Story Avenue in the Bronx (Credit: Google Maps)

Brooklyn developer Joel Braver planning gargantuan resi project in the Bronx

arrow_forward_ios