The Real Deal New York

Upper Manhattan, Bronx multifamily portfolio trades for $60M

Trio of families decides to sell properties after more than 30 years
By Rich Bockmann | November 12, 2018 02:45PM

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.