Nelson Management picking up
rent-stabilized Bronx building for $36M

Firm purchased property from Morris Weintraub Associates, which had owned it for decades

TRD New York /
Apr.April 02, 2019 02:30 PM
3240 Henry Hudson Parkway in the Bronx and Nelson Management president Robert Nelson (Credit: Google Maps)

3240 Henry Hudson Parkway in the Bronx and Nelson Management president Robert Nelson (Credit: Google Maps)

Nelson Management is adding to its portfolio of rent-stabilized buildings with a roughly $36 million Bronx purchase.

The company is buying 3240 Henry Hudson Parkway in Riverdale for $35.74 million, according to sources familiar with the deal. The six-story, 108-unit property spans about 163,000 square feet, and Morris Weintraub Associates has owned it for decades.

Peter Von Der Ahe, Seth Glasser, Joe Koicim, Michael Fusco and Adam Radi of Marcus & Millichap brokered the deal.

Company president Robert Nelson said they plan to renovate the property, which he described as “just a solid, rent-stabilized building in probably one of the best neighborhoods of New York City.”

Nelson Management, one of the city’s major rent-stabilized landlords, is currently dealing with a controversy at its 700-unit Atlantic Plaza Towers project in Brownsville, where tenants filed an objection with the state to its plans to install facial recognition scanners at the complex.

Morris Weintraub also recently sold a 424-unit portfolio of five buildings in Southern Brooklyn and Eastern Queens to the Parkoff Organization for $115 million.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

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

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

Maddd Equities, Joy Construction score $64M for massive Bronx project
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz (right) with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...