Taconic, Clarion buy pair of Bronx apartment buildings for $28M

The company is funding the purchase with a $17M Signature Bank loan

New York /
Oct.October 16, 2018 02:45 PM

1534 Selwyn Avenue and Taconic Investment Partners’ Charles Bendit (Credit: LoopNet and Taconic)

UPDATED, Tuesday, Oct. 16 at 4:47 p.m.: Quality Communities, an affordable housing joint venture between Taconic Investment Partners and Clarion Partners, is continuing its expansion in the Bronx, picking up a pair of apartment buildings in Concourse for $27.8 million.

The properties, at 1534 Selwyn Avenue and 1197 Grand Concourse, are about five blocks apart and sit on opposite sides of Grand Concourse. The larger property is 1534 Selwyn, a six-story, 80,800-square-foot building with 73 apartments, according to city data. The Grand Concourse property, meanwhile, is a five-story, 59,100-square-foot building with 58 units. All apartments in the buildings are rent-stabilized.

The seller is City Skyline Realty. The firm, headed by Douglas Peterson, bought the buildings in two separate transactions in 2014 and 2016 for $20.3 million. Ivan Hakimian and Josh Pomerantz of HPNY were involved in the deal.

Josh Pomerantz and Ivan Hakimian

The deal adds to Quality Community’s Bronx deal sheet for the year. In January, the joint venture bought a 12-property rental portfolio in Concourse, Fordham and Belmont for $71 million. The partners also landed a $115 million mortgage for 1,416-unit housing complex Eastchester Heights in September.

The partnership is funding its latest purchase with a $17 million loan from Sterling National Bank. They previously announced plans to spend as much as $400 million on acquisitions.

Correction: This story has been updated to include Clarion Partners as one of the buyers.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
Brookfield's Bruce Flatt with 1100 Newark Turnpike (Loopnet, Brookfield)
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Brookfield buys CSX industrial site in Northern New Jersey for $67M
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
arrow_forward_ios

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

Loading...