The Real Deal New York

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

The company is funding the purchase with a $17M Signature Bank loan
By Christian Bautista | October 16, 2018 02:45PM

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.