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Fruchthandlers pick up 196-unit rental complex near Bronx Zoo
It's at least the third major acquisition by FBE Limited this year
UPDATED, Nov. 9, 10:53 a.m.: The Fruchthandler real estate family‘s FBE Limited bought a 196-unit rental complex in the West Farms neighborhood of the Bronx for $44.4 million, records filed with the city Wednesday show.
The two buildings at 2103-2117 Honeywell Avenue are located just south of the Bronx Zoo.
A review of tax records for the past five years shows that the buildings do not appear to be rent regulated, likely because they were built in 1979 and do not currently receive any tax abatements. There are no current apartment listings advertised online.
FBE did not respond to a request for comment. Rosewood Realty Group’s Aaron Jungreis represented both the buyer and the seller.
The seller, Rajmattie Persaud, bought the buildings just three years ago for $23.5 million. Earlier this year, Persaud, with partners Karan and Rajmattie Singh, bought Kushner Companies’ Astoria portfolio for $76 million.
FBE has also been active this year prior to the Honeywell Avenue acquisition, joining with former Extell executive Dov Hertz to buy a $141.5 million multifamily portfolio that included buildings in both Manhattan and Brooklyn. FBE also bought a four-building portfolio in Manhattan Valley for $50 million.
New York City’s multifamily sales market rebounded in the second and third quarters of 2017 after a sluggish start to the year. The dollar volume of deals is still far behind 2016, however.