Lightstone picks up another Bronx portfolio for $53M

Company has bought trio of multifamily buildings near Pelham Parkway

New York /
Sep.September 04, 2018 02:15 PM

Mitch Hochberg and the Bronx portfolio

The Lightstone Group has closed on its purchase of a trio of Bronx properties for $53 million, extending its push into the borough’s multifamily market.

The neighboring sites are located at 2197 Cruger Avenue, 2198 Cruger Avenue and 2180 Bronx Park East, according to property records. The package was billed as the “Pelham Parkway Portfolio” in marketing materials, and Lightstone purchased the properties from the Bronx River Management Corporation. The company had put the buildings on the market earlier this year with a $55 million asking price.

Lightstone bought 2198 Cruger Avenue for $22.5 million, 2197 Cruger Avenue for $13 million and 2180 Bronx Park East for $17.5 million.

All of the buildings are six stories tall, and they contain a total of 220 units, according to the city: 61 units at 2197 Cruger Avenue, 88 units at 2198 Cruger Avenue and 71 units at 2180 Bronx Park East.

A Cushman & Wakefield team led by Robert Shapiro, Jonathan Squires and Bob Knakal had been representing the seller in the deal. The brokerage severed ties with Knakal in late June.

Lightstone declined to comment.

The company closed on a $51 million purchase of four Bronx buildings from Belmar Realty Corp. earlier this year.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)
New York’s multifamily market had its slowest first half of the year since 2011
New York’s multifamily market had its slowest first half of the year since 2011
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...