The Real Deal New York

These were the biggest Bronx deals of the third quarter

The $86M sale of Frances Schervier Home and Hospital topped the list
By Eddie Small | October 25, 2017 07:00AM

From top: Frances Schervier Home and Hospital and Whitestone Multiplex Cinemas (Credit: NYC AGO Google Maps)

The sale of a nursing home and hospital was the biggest deal in the Bronx during the third quarter of 2017, according to data compiled by Real Capital Analytics and The Real Deal’s analysis of city records.

The for-profit senior care company TL Management bought the Frances Schervier Home and Hospital in July for $86.4 million, topping the list of sales by a roughly $10 million margin. It was followed by the $75 million sale of the Whitestone Multiplex Cinemas site, but sales prices fell off steeply after this, with most in the $10 to $20 million range.

Overall, the top 10 third quarter sales in the Bronx totaled about $315.9 million, about $84 million higher than the top 10 sales in the Bronx during the second quarter and about $10 million more than the top 10 sales in Queens during the third quarter.  However, the borough still lagged far behind Brooklyn.

The full list of top Bronx sales is as follows:

1. Frances Schervier Home and Hospital, $86.4 million
Buyer: TL Management
Seller: Frances Schervier Home and Hospital

TL Management, a for-profit senior care center, bought the Schervier care center at 2975 Independence Avenue in July for $86.4 million. The Spuyten Duyvil complex spans 10 buildings, and the acquisition was financed by a $4 million building loan and a $49.5 million acquisition loan from Citizens Bank.

2. Whitestone Multiplex Cinemas, $75 million
Buyer: Square Mile Capital and Innovo Property Group
Seller: Extell Development

Innovo purchased the shuttered Whitestone Multiplex Cinemas site in September. The company plans to demolish the theater, located at 2505 Bruckner Boulevard, and expand the lot’s size to 630,000 square feet, turning it into a parking lot. The companies may also develop up to 740,000 square feet of industrial space that they would lease to e-commerce companies for deliveries.

3. 41 West 184th Street, $35 million
Buyer: Michael Rubin’s CapX
Seller: Paradise Management

Rubin bought 41 West 184th Street as part of an eight-building multifamily portfolio in the Bronx in July for $35 million, marking the third time in five years that the properties have traded hands. In addition to West 184th Street, the properties are located at 2291 University Avenue, 2322 Grand Avenue, 226 West Tremont Avenue, 1631 Grand Avenue, 1786 Topping Avenue, 151 West 228th Street and 159 West 228th Street.

4. 2454 Hoffman Street, $26.5 million
Buyer: Brooklyn Standard Properties and Cohen Commercial Properties
Seller: L.A.L. Property Management Corporation

Another portfolio purchase comes next, as Brooklyn Standard and Cohen Commercial teamed up to buy a 10-property cluster of Bronx buildings on Belmont Avenue, Hughes Avenue and Hoffman Street for $26.5 million in July. Brooklyn Standard co-founder David Manheimer told TRD at the time of the sale that he expects most tenants in the building to be students or medical workers.

5. 845 East 136th Street, $19.1 million
Buyer: MRP Realty
Seller: Tuck-It-Away Associates

This self-storage facility in Port Morris sold in August for more than triple the price of its last sale. Tuck-It-Away initially bought the 88,000-square-foot facility in 2012 for $5.3 million, and MRP purchased it from them for $19.1 million with a $13 million loan from East West Bank. 6. 2376 Ryer Avenue, $17.5 million
Buyer: Chestnut Holdings
Seller: Prana Investments

Chestnut Holdings bought this three-building portfolio from Prana Investments in August. It consists of three five-story walk-up apartment buildings with a total of 76 units, including 12 retail stores. The buildings are all in University Heights on Ryer Avenue, Valentine Avenue and Grand Avenue.

7. 452 East 187th Street, $17.4 million
Buyer: Chaim Abramson and Barry Singer
Seller: Prana Investments

Prana Investments sold another Bronx portfolio during the third quarter for $17.4 million. This trio of buildings — 452 East 187th Street, 50 East 172nd Street and 1145 Clay Avenue — was sold to Chaim Abramson and Barry Singer.

8. Highbridge Woodycrest Center, $14 million
Buyer: Centers Health Care
Seller: Bronx-Lebanon Hospital Center

Centers purchased this 90-bed, 63,000-square-foot long-term healthcare facility at 936 Woodycrest Avenue in Highbridge for $14 million in August. The company owns and operates several centers in and outside of New York City, including a nine-story Building On 10th Avenue in Borough Park.

9. 205 West 230th Street and 5516 Broadway, $14 million
Buyer: Cactus Holdings
Seller: Tetk Management

Tetk Management sold this pair of neighboring properties in Kingsbridge for $14 million to Cactus Holdings in September. Cactus has more than 2 million square feet of real estate in New York, and its companies include the supermarket chain Western Beef.

10. Staples, $11 million
Buyer: Cactus Holdings and 101 Holdings
Seller: Arker Companies

Arker sold this Staples at 2040 White Plains Road in July. The 16,200-square-foot building is seven stories tall and previously sold in May of 2007 for $10.7 million.