Upper Manhattan, Bronx multifamily portfolio trades for $60M

Trio of families decides to sell properties after more than 30 years

Nov.November 12, 2018 02:45 PM

From left: 2595 and 2599 Briggs Avenue, 2749 Webster Avenue, and 520 and 524 West 162nd Street (Credit: Apartments)

A trio of families sold a portfolio of multifamily buildings in the Bronx and Upper Manhattan they had owned for more than 30 years for $60 million.

MGS Associates — a partnership between the Martinez, Gaveau and Saint-Cyr families — sold the portfolio of 14 properties, which spans 341 units across more than 320,000 square feet, the families’ broker told The Real Deal.

“They’re three different families across multiple generations, and they just reached a point where they decided to do something else with their time and money,” said Marcus & Millichap’s Seth Glasser, who represented the sellers alongside colleagues Peter Von Der Ahe and Joe Koicim.

Marcus & Millichap’s Seth Glasser, Peter Von Der Ahe, and Joe Koicim (Credit: New York Multifamily)

The buyer was a partnership between multifamily investors Eden Ashourzadeh, Alex Kahen and Alex Hajibay.

Ashourzadeh and Kahen are principals in the Midtown South-based investment firm Ink Property Group, though Glasser said they made this investment independent of the company. Hajibay is a managing member at Heritage Realty.

Glasser said the buildings — which are entirely rent stabilized — had been “lightly maintained” over the past 30 years, and that the new buyers plan to invest on upgrades to the mechanical systems and common areas as part of a long-term hold strategy.

He added that there was strong interest from potential buyers.

“This was one of the more well-received portfolios we’ve sold over the last two years,” he said. “It’s not every day that a 350-unit, all rent-stabilized portfolio comes to the market.”

The addresses for the properties in the Bronx are: 2595, 2599, 2603 and 2833 Briggs Avenue, 2728 Marion Avenue, 2749 Webster Avenue, 2820 Decatur Avenue, 382 East 197th Street and 340 East 198th Street. The Manhattan addresses are: 520 and 524 West 162nd Street, 505 West 164th Street, 476 West 165th Street and 2153 Amsterdam Avenue.

Related Articles

1065-1075 Gerard Avenue in the Bronx 

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

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

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Rendering of La Central (Courtesy of FXCollaborative)

Here are the details on the next building in the Bronx’s La Central development

Mayor Bill de Blasio and City Council Speaker Corey Johnson with an aerial of 320 Concord Avenue, the site of the jail project (Credit: Getty Images, Google Maps)

Housing complex takes South Bronx jail project to court

NYCFC is close to a deal for its own stadium (Credit: Getty Images)

Maddd Equities, NYCFC nearing deal for Bronx stadium

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president