The Real Deal New York

These were the biggest Q4 deals in the Bronx

The roughly $115M sale of 260 East 161st Street topped the list
By Eddie Small | January 22, 2018 07:00AM

Clockwise from top left: 820-880 Thieriot Avenue, 260 East 161st Street, 1300 Viele Avenue, 1301 Ryawa Avenue and 2103-2117 Honeywell Avenue

Residential deals dominated the list of the top 10 Bronx sales in the fourth quarter of 2017, but the top spot belonged to an office building.

The roughly $115 million sale of 260 East 161st Street, a 10-story office building, was the biggest deal in the borough throughout the fourth quarter, according to data from Real Capital Analytics. The sale topped the list by a wide margin, as it was roughly 2.5 times larger than the second-largest deal and made up more than a third of the list’s overall value.

The top 10 deals were worth a total of about $324 million, higher than the third quarter total of about $315.9 million, the second quarter total of about $232 million and the first quarter total of about $296 million. They consisted of six residential sales, one office sale, one self-storage sale, one industrial sale and one retail sale.

Other notable fourth quarter deals included the roughly $44.4 million sale of 2103-2115 Honeywell Avenue in West Farms and the roughly $40 million sale of a self-storage site at 1260 Zerega Avenue in Parkchester.

The full list of top 10 Bronx deals for the fourth quarter is as follows:

1. 260 East 161st Street, approximately $115 million
Buyer: Jamestown
Seller: Arcadia Realty, PA Associates
Brokerage: HFF

Jamestown’s $115 million purchase of this major South Bronx office-and-retail building topped the list of biggest fourth quarter deals in the borough. The property is located close to Yankee Stadium and sits across the street from the borough’s courthouses. Its tenants include Starbucks, Chipotle and Montefiore Medical Center. It is 72 percent occupied overall. The building spans 277,000 square feet and stands 10 stories tall, and Jamestown is funding its purchase with a $63.7 million loan.

2. 2103-2115 Honeywell Avenue, approximately $44.4 million
Buyer: FBE Limited
Seller: Rajmattie Persaud
Brokerage: Rosewood

FBE Limited, run by the Fruchthandler real estate family, bought this 196-unit rental complex in West Farms for about $44.4 million in October. The pair of buildings are located just south of the Bronx Zoo, and seller Rajmattie Persaud had purchased the buildings for $23.5 million just three years earlier.

3. 1260 Zerega Avenue, approximately $40 million
Buyer: Prime Storage Group
Seller: Prudential Financial, Madison Development Group

Prime Storage Group purchased this Cubesmart self-storage site by Parkchester for about $40 million in December. The company made several major purchases of self-storage sites in New York during the fourth quarter of the year, appearing on the top 10 list in Queens for its roughly $94 million purchase of 31-07 20th Avenue in Astoria and on the top 10 list in Brooklyn for its $53 million purchase of 1084 Rockaway Avenue in Canarsie.

4. 1300 Viele Avenue, approximately $25.6 million
Buyer: MRP Realty, AEW Capital
Seller: North Shore Investors Realty Group LLC
Brokerage: CBRE, Pantheon Properties

MRP Realty bought this pair of warehouses in Hunts Point for roughly $25.6 million in November. They span a total of 117,000 square feet across one block and were previously sold in February 2005 for $8.7 million.

5. 1187 Anderson Avenue, approximately $23.5 million
Buyer: Anderson A LLC, Anderson B-G LLC
Seller: Anderson Housing Associates LP

This pair of LLCs purchased 1187 Anderson Avenue in Highbridge for about $23.5 million in December. The 129-unit residential building stands eight stories tall and was built in 1929.

6. 880 Thieriot Avenue, approximately $19 million
Buyer: Camber Property Group, LIHC Investment Group, Belveron Real Estate Partners
Seller: Starrett Corp

Camber partnered with LIHC and Belveron to purchase a pair of Mitchell-Lama buildings at 820 and 880 Thieriot Avenue in November. The buildings, located in the Soundview neighborhood, are known as Carol Gardens and contain 314 units. The companies are planning renovations worth more than $20 million but will partner with the city to preserve their long-term affordability. The three companies partnered earlier in the year to buy Stevenson Commons in the Bronx for $70.9 million.

7. 7 West Burnside Avenue, approximately $16.3 million
Buyer: The Jemstone Group
Seller: Burnside Realty Inc
Brokerage: Citicore

The Jemstone Group purchased this three-story commercial building for about $16.3 million in October. The University Heights property spans 25,000 square feet, with tenants including Chase Bank, Jackson Hewitt and Good Shepherd Services.

8. 3971 Gouverneur Avenue, approximately $14.2 million
Buyer: Justin Lee
Seller: Silverstein Properties
Brokerage: Rosewood

Justin Lee picked up this property for about $14.2 million in November. It was part of developer Harry Silverstein’s massive portfolio that his family prepared to sell following his death in late 2016. The residential building is rent-stabilized with 67 units across 65,000 square feet.

9. 3804 Bailey Avenue, approximately $13 million
Buyer: L.A.L. Property Management
Seller: Related Companies
Brokerage: Rosewood

Related Companies sold off this 61,000-square-foot residential building to L.A.L. Property Management in November. It is rent-stabilized with 64 units and was built in 1925. The building contains street retail and was previously sold for $10.2 million in July 2015.

10. 213-217 West 238th Street, approximately $12.5 million
Buyer: L.A.L. Property Management
Seller: Related Companies
Brokerage: Rosewood

Related also sold its Bronx building at 213-217 West 238th Street to L.A.L. in November for about $12.5 million. The 45,000-square-foot, five-story residential property was built in 1923 and has 59 units, and it was previously sold in July 2015 for $9.1 million. L.A.L. plans to leave both Bronx properties as is but may renovate individual apartments as they become vacant.