The Real Deal New York

Here’s what the $10M-$20M NYC investment sales market looked like last week

Related Fund Management sheds Bronx multifamily property for $12M
By Mary Diduch |
Research by Nicholas Severin
March 06, 2019 03:00PM

181 East 161st Street in the Bronx (Credit: Google Maps)

Last week’s mid-market investment sales world included a Bronx apartment trade and a Franciscan church in Harlem, according to property records filed with the city’s finance department.

1.) The Related Companies’ Related Fund Management parted with a six-story apartment building at 181 East 161st Street near Yankee Stadium in the Bronx for $11.6 million, after buying it in 2014 for $6.6 million. The buyer was 161 North Realty LLC, with Chaim Hirschfeld as signatory. Signature Bank provided $6.6 million in financing. The fund in December closed on its acquisition of a 10-story office building at 321 West 44th Street in Hell’s Kitchen for $152.5 million. The seller in that deal was Unizo Holdings.

2.) The Franciscan Handmaids of the Most Pure Heart of Mary, one of a few mostly black orders of nuns in the country, sold their long-time home at 15 West 124th Street in Harlem for $9.4 million. The buyer was an entity tied to Michael Dwyer. A team led by CBRE’s Daniel Kaplan brokered the sale. Also included in the deal was 21 West 124th Street next door, which houses the group’s nursery school. The order hopes to move to a smaller facility in the neighborhood, according to the New York Post.