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

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

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

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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.