The Real Deal New York

These were the 10 biggest Bronx deals in Q2

The $71M purchase of an affordable housing complex took the top spot
By Eddie Small | August 03, 2017 07:00AM

Apartment buildings dominated the Bronx investment-sales market during the second quarter, comprising six of the borough’s top 10 deals, including all top four spots.

The $70.9 million sale of Section-8 housing complex Stevenson Commons in Clason Point took the top spot on the list, followed by the sales of apartment buildings at 2025 Seward Avenue, 888 Grand Concourse and 231 West 230th Street, according to data from Real Capital Analytics.

Apartment buildings on University Avenue and Taylor Avenue also made the top 10 list, which featured one retail sale, one senior housing sale, one industrial sale and one office sale as well.

Overall, the top 10 Bronx deals from April 1 to June 30 were worth about $231.6 million, and the six apartment building trades made up about $177.4 million of that sum. During the first quarter of 2017, the top 10 Bronx deals were worth a total of about $296.1 million.

See the full list of Bronx buildings that made the top 10 sales below:

Stevenson Commons at 755 White Plains Road (Credit: Google Maps)

1. Stevenson Commons, $70.9 million
Buyer: Settlement Housing Fund, Camber Property Group, LIHC Investment Group and Belveron RE Partners
Seller: Michael Fischer
The largest Bronx deal during the second quarter of the year was Camber Property Group’s purchase of this 11-building Section 8 housing complex at 755 White Plains Road in Clason Point.  The complex spans 1 million square feet and contains 948 residential units, which the new owners have pledged to keep affordable.

2. Seward Manor, approximately $33.7 million
Buyer: Abraham Leser
Seller: Arkar Inc
This high-rise building at 2025 Seward Avenue in Castle Hill features 179 market-rate units and a 25,000-square-foot parking lot next door. Arkar Inc. bought it from Delshah Capital in 2012 for $21.3 million before selling it to Leser at a profit in May.

888-Grand-Concourse

888 Grand Concourse in the Bronx

3. 888 Grand Concourse, $28 million
Buyer: Chaim A. Hirschfeld
Seller: Bombard Management
Controversial landlord Jonathan Bombart sold this six-story, 91-unit building at 888 Grand Concourse in June after years of butting heads with tenants over their living conditions. Residents of the building took their fight to housing court held a rent strike in February 2016.

4. 231 W. 230th Street, $20 million
Buyer: ASC Properties
Seller: Martin Shapiro
Brokerage: Marcus & Millichap
ASC Properties purchased this pair of buildings in May with plans to renovation the space. The six story properties contain 90 units and include 3,000 square feet of retail space.

352 E. 149th Street

5. 352 E. 149th Street, $17.5 million
Buyer: ABCAPSTONE
Seller: Jay Marc Schwamm
Brokerage: RKF
This 50,000-square-foot building was built in 1957 and currently houses a Salvation Army. It is two stories tall, and ABCAPSTONE purchased it in May.

6. Riverdale Manor Home for Adults, approximately $15 million
Buyer: Preferred Home Care of New York
Seller: Forestam Associates LLC
This 66,000-square-foot adult-care facility was built in 1961 and contains 256 beds. Preferred Home Care of New York purchased the building with plans to renovate it. The company is affiliated with the W Group, which manages adult-care buildings throughout the New York metro area, including facilities in Goshen and Bayview.

2690 University Avenue

7. 2690 University Avenue, approximately $14 million
Buyer: Parkway Realty
Seller: Carlo Ceppi/Ardowork Corp
Brokerage: NY Standard Realty
This six-story mixed-use building is 58,800 square feet and contains seven commercial units and 62 residential units, 60 of which are rent-regulated. In 2015, Parkway purchased 364 apartments in the North Bronx from Urban American Management for $42 million.

8. 905 Brush Avenue, approximately $11.2 million
Buyer: Agostino Vona
Seller: John Brickman
This 20,000-square-foot warehouse was built in 1974 and renovated in 2014. It is two stories tall.

9. 1427 and 1475 Taylor Avenue, $10.8 million
Buyer: Prana Investments
Seller: Gateway Realty Group LLC
Brokerage: Besen & Associates

Prana Investments, a San Francisco-based company, purchased this pair of Bronx buildings in April. The buildings contain a total of 61 units and are five stories tall. 1475 Taylor Avenue is residential, while 1427 Taylor Avenue is mixed-use, and both are rent-regulated.

1910 Arthur Avenue

10. 1910 Arthur Avenue, approximately $10.5 million
Buyer: Gladiator Realty/Lazar Muller
Seller: Levon Arthur LLC
Gladiator Realty purchased this 65,181-square-foot office building in May. The eight-story building was constructed in 1928 and is the current home of VIP Community Services.