The Real Deal New York

These were the 10 biggest Bronx deals during the third quarter

The largest by a long shot was Brookfield Property Partners’ $165M South Bronx purchase
By Eddie Small | October 31, 2018 07:00AM

101 Lincoln Avenue and 2401 3rd Avenue (Credit: Hill West Architects)

Brookfield Property Partners’ venture into the South Bronx topped the largest third quarter deals by a long shot.

The company closed on its $165 million purchase of 101 Lincoln Avenue and 2401 3rd Avenue from Somerset Partners and the Chetrit Group in September. This was the largest deal in the borough during the third quarter by a margin of more than $100 million, according to data from Real Capital Analytics.

Residential sites dominated the top 10 deals overall, taking up five of the spots. The other five were split between three development sites and two industrial sites.

The deals were worth about $369 million overall. This was much greater than the second quarter’s total of about $107.4 million and the first quarter’s total of about $148.3 million. It also topped the $315.9 million total from last year’s third quarter.

The full list of the Bronx’s top 10 deals for the third quarter is below:

1. 101 Lincoln Avenue and 2401 3rd Avenue, $165 million
Buyer: Brookfield Property Partners
Seller: Chetrit Group, Somerset Partners
The largest Bronx deal by a wide margin was Brookfield Property Partners’ $165 million purchase of 101 Lincoln Avenue and 2401 3rd Avenue from Somerset Partners and the Chetrit Group. The deal closed in September, and Brookfield is planning to construct a seven-building project with about 1,300 residential units on the 189,000-square-foot site, 30 percent of which will be affordable. It plans to break ground at 2401 Third Avenue during the second quarter of 2019 and start construction at 101 Lincoln Avenue later that year.

2. 500 Oak Point Avenue, approximately $64.2 million
Buyer: Innovo Property Group
Seller: Tahl Propp Equities
Innovo Property Group purchased this Hunts Point industrial site from Tahl Propp Equities for about $64.2 million in August. The site spans roughly 270,000 square feet.

3. 1150 River Avenue, approximately $29.9 million
Buyer: Maddd Equities, Joy Construction
Seller: River Avenue Realty Corp
Maddd Equities and Joy Construction purchased this South Bronx development site in August for slightly less than $30 million. The companies are working on a pair of affordable housing projects on River Avenue that will contain a total of 750 units overall.

4. 2198 Cruger Avenue, $22.5 million
Buyer: Lightstone Group
Seller: Martin Shapiro
This six-story, 88-unit property was part of a trio of buildings dubbed the Pelham Parkway Portfolio that the Lightstone Group purchased in August. The company purchased the three buildings for $53 million overall and paid the highest price for 2198 Cruger Avenue at $22.5 million. Martin Shapiro of the Bronx River Management Corporation had put the buildings on the market earlier in the year with an asking price of $55 million.

5. 2180 Bronx Park East, $17.5 million
Buyer: Lightstone Group
Seller: Martin Shapiro
This was another building that Lightstone purchased from Shapiro as part of the Pelham Parkway Portfolio. They paid $17.5 million for the six-story, 71-unit property.

6. 288 Walton Avenue, $16.65 million
Buyer: Heatherwood Communities
Seller: FBE Ltd., Sun Equity Partners
Abraham Fructhandler’s FBE Limited sold this Mott Haven warehouse for $16.8 million to Heatherwood Communities, a rental developer. The site is currently home to a one-story industrial property, which Heatherwood plans to replace with a 170,000-square-foot mixed-use building.

7. 3344 Fort Independence Street, $15 million
Buyer: Yitzchok Schmidt
Seller: Jems Realty
Yitzchok Schmidt bought this apartment building from Jems Realty in July for $15 million. The five-story building was constructed in 1927 and contains 83 units.

8. 1459 Wythe Place, $14 million
Buyer: ISJ Management
Seller: Gerald Leibman
ISJ Management bought this 73,000-square-foot apartment building in the Bronx for $14 million in July. The property, which was built in 1929, contains 73 apartments and stands six stories tall.

9. 2197 Cruger Avenue, $13 million
Buyer: Lightstone Group
Seller: Martin Shapiro
The No. 9 deal was 2197 Cruger Avenue, the third, final and cheapest piece of the Pelham Parkway Portfolio. Lightstone purchased it for $13 million from Shapiro. The property stands six stories tall with 61 units.

10. 1159 River Avenue, approximately $11.3 million
Buyer: 1159 River Avenue HDFC
Seller: 1169 River Avenue Corp
The final property on the third quarter’s list was 1159 River Avenue, which sold for about $11.3 million in September. The site is home to one of the aforementioned affordable housing projects from Maddd Equities and Joy Construction, although the nonprofit Community Access is spearheading this one. It will stand 17 stories tall with 250 units.