Lightstone picks up another Bronx portfolio for $53M

Company has bought trio of multifamily buildings near Pelham Parkway

TRD New York /
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 Article

Lightstone Group Chairman and CEO David Lichtenstein and the Tel Aviv Stock Exchange (Credit: Lightstone and iStock)

Lightstone becomes third NYC developer in a week to plan new Tel Aviv bond issuance, targeting $73M

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

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

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”