The Real Deal New York

These were the biggest Q2 deals in the Bronx

Bernard Miller Entities’ $21M purchase of 3508 Kings College Place topped the list
By Eddie Small | July 31, 2018 10:30AM

Clockwise from top left: 3508 Kings College Place, 28 East 167th Street, and 433 Bruckner Boulevard (Credit: Google Maps)

Big sales were hard to come by in the Bronx during the second quarter of the year.

The deal that grabbed the top spot—Bernard Miller Entities’ purchase of 3508 Kings College Place—was also the only deal throughout the second quarter in the borough to crack the $20 million mark, according to data from Real Capital Analytics. All of the other top 10 deals were less than $15 million, and half were less than $10 million.

Sales of residential buildings dominated activity in the borough, grabbing five of the top 10 spots. Retail and industrial sales took two spots each, and one office sale rounded out the list.

Overall, the top 10 deals were only worth about $107.4 million. This was much lower than the first quarter of the year, when the total was about $148.3 million, and the fourth quarter of 2017, when they were worth about $324 million in total.

Notable deals included Peter Fine’s purchase of 1331 Jerome Avenue, where he is planning an affordable housing project, and Chestnut Holdings’ purchase of a portfolio from B&K Realty Management Corporation, which had multiple buildings in the top 10 for the quarter.

The full list of the Bronx’s top 10 deals for the first quarter is below:

1. 3508 Kings College Place, approximately $20.6 million
Buyer: Bernard Miller Entities
Seller: Gjon Dedvukai, Albusa Realty
The largest Bronx deal of the second quarter—and the only one to crack the $20 million mark—was for a building in Norwood at 3508 Kings College Place. Bernard Miller Entities bought the residential property from Gjon Dedvukaj’s MPNY Realty Inc. in April and plans to renovate it. The property stands six stories tall with 82 units.

2. 1888 Westchester Avenue, approximately $12.3 million
Buyer: Rockfeld Group
Seller: Global Asset Management
Rockfeld’s Group purchase of the retail building at 1888 Westchester Avenue in Parkchester took second place. The company paid about $12.3 million for the property, which spans 12,400 square feet.

3. 28 East 167th Street, approximately $11.7 million
Buyer: Chestnut Holdings
Seller: B&K Realty Management Corporation
Chestnut Holdings purchased this Concourse building from B&K Realty in May for about $11.7 million as part of its larger purchase of a portfolio of buildings in the Bronx, Brooklyn and Yonkers for $55.2 million. The building at 28 East 167th Street is a retail property spanning 10,700 square feet.

4. 433 Bruckner Boulevard, $11.5 million
Buyer: So Bronx Asset LLC
Seller: 433 Whitlock LLC, 429 Whitlock LLC, 447 Whitlock LLC
An LLC picked up this industrial building in Mott Haven in April for $11.5 million to grab the No. 4 spot on the list. The property was constructed in 1954 and spans 27,950 square feet.

5. 1331 Jerome Avenue, $11.1 million
Buyer: Peter Fine
Seller: Jeffrey Friedman
Developer Peter Fine plans to build a 15-story project with 255 affordable residential units on this site, which was the first to trade in the area after the City Council voted to rezone it. The building will span 186,000 square feet, split between residential, commercial and community space, and Fine is developing the building with the Doe Fund.

6. 1527 Southern Boulevard, approximately $9.3 million
Buyer: Apex Investments
Seller: Gem Equities
This sale was also part of a portfolio purchase totaling $12.7 million. Apex Investments purchased the two-story office building at 1527 Southern Boulevard for about $9.3 million, along with vacant lots at 1520 and 1528 Minford Place. The Southern Boulevard building spans 35,000 square feet.

7. 456 East 149th Street, approximately $8.5 million
Buyer: Chestnut Holdings of NY
Seller: B&K Realty Management Corporation
This residential building in Mott Haven was another part of Chestnut Holding’s portfolio purchase. It was built in 1905 and stands five stories tall with 20 units across about 15,000 square feet.

8. 3190 Riverdale Avenue, approximately $8.1 million
Buyer: LAL Property Management
Seller: Badaly Architects, Mohammad Badaly
LAL purchased this residential building in Kingsbridge for about $8.1 million in May. The property was just built last year and stands five stories tall with 13 units.

9. 3447 Dekalb Avenue, approximately $7.6 million
Buyer: Skyrise Properties LLC, Kline Properties Management LLC
Seller: Mosholu Preservation Corporation
Skyrise and Kline bought this residential building in Norwood for about $7.6 million to grab the No. 9 spot. The property was built in 1928 and stands six stories tall with 44 units.

10. 2537 Valentine Avenue, $6.8 million
Buyer: Arbeni Management Co Inc.
Seller: 2537 Moybros Realty Corp
Arbeni’s purchase of 2537 Valentine Avenue in Fordham for $6.8 million closed out the list. The residential building was built in 1922 and stands six stories tall with 52 units.