Black Spruce buys Bronx multifamily building for $26M

Rent-regulated building spans 88K sf

TRD New York /
Feb.February 22, 2017 01:10 PM

Black Spruce Management, led by Josh Gotlib, snapped up a 99-unit multifamily building in the Bronx for $26 million.

The company purchased 1765 Townsend Avenue, an 11-story, 88,227-square-foot building between 175th and 176th streets, according to documents filed with the city on Wednesday. The previous owner, Gigi Porcelli, purchased the building in 1991, though public records don’t indicate how much Porcelli paid.

When reached by phone, Gotlib declined to comment. Cushman & Wakefield’s David Simone, who handled the listing, did not immediately return a call seeking additional information.

Black Spruce primarily focuses on multifamily rentals in the Bronx and Brooklyn but has recently made some significant moves on Manhattan properties. Last summer, the company scooped up a portfolio of 14 rental buildings in Hell’s Kitchen for $110 million, and a set of 14 buildings in Chelsea for $80 million.

In August, Black Spruce sold an eight-building multifamily portfolio in Brooklyn and the South Bronx for $60 million roughly a year after paying $43 million for the buildings.


Related Articles

arrow_forward_ios
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

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
arrow_forward_ios

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

Loading...