Brooklyn Standard Properties and Cohen Commercial Properties picked up a 10-building Bronx multifamily portfolio for $26.5 million, the firms told The Real Deal.
The investment firms partnered to buy the buildings, which contain a total of 104 rental units, in the borough’s Fordham/Belmont neighborhoods. The companies purchased the sites from development firm L.A.L. Property Management Corporation.
The addresses are 2460-2468 and 2490 Belmont Avenue, 2463 and 2481 Hughes Avenue, and 2454 and 2464 Hoffman Street.
David Manheimer, co-founder of Brooklyn Standard, said he imagines most of the buildings’ tenants will be students or workers at the neighborhood’s nearby medical facilities.
“I think it’s one of the best places, if not the best place, in the Bronx,” Manheimer said. “… We love the stability of the tenancy and everything that Arthur Avenue and Fordham University have to offer.”
Brooklyn Standard was founded in 2013 by Manheimer and Benji Kohn, who previously worked as a producer on films such as the Nicolas Cage vehicle “The Runner” and Werner Herzog’s “My Son, My Son, What Have Ye Done.” The firm has purchased buildings in several Brooklyn neighborhoods including Williamsburg, Greenpoint, Bushwick and Prospect Heights.
Last year, John LaRocca’s Arena Real Estate purchased six buildings in Fordham Heights for $45.7 million, and Josh Gotlib’s Black Spruce Management purchased an 11-building package in Belmont, East Tremont and West Farms in 2015 for $51.5 million.