Prana pays Related $36M in Bronx multifamily play

Related developed Concourse buildings in 1999 with LIHTC program

TRD New York /
Jul.July 08, 2019 08:30 AM
1065-1075 Gerard Avenue in the Bronx 

1065-1075 Gerard Avenue in the Bronx

Prana Investments bought a pair of multifamily buildings in the Bronx from the Related Companies’s asset management arm for nearly $40 million.

Prana, the multifamily investor headquartered in San Francisco, paid $36 million to pick up the 252-unit River Court and Gerard Court apartment complex in the Concourse section of the Bronx, sources told The Real Deal.

The pricing works out to about $142,000 per unit for the buildings at 1065-1075 Gerard Avenue. The seller was Related Asset Management

Representatives for Related and Prana could not be immediately reached for comment. A Hodges Ward Elliott team of Daniel Parker, Paul Gillen and Ariel Tambor marketed the properties for Related and negotiated the sale. The brokers declined to comment.

Related developed the elevator building near Yankee Stadium in 1999 through the Low Income Housing Tax Credit program. The properties have a 25-year 421a tax exemption.

Prana Investments, headed by president and CEO Neil McKinnon, is an active investor in the Bronx and – to a lesser extent – northern Manhattan.

The company last year paid $65 million to buy a portfolio of eight Bronx multifamily buildings spanning 361 residential units from the Morgan Group.

The Hodges Ward Elliott brokers have sold a number of buildings for Related recently, including the $88 million sale of a pair of multifamily buildings in the Castle Hill section of the Bronx to Abraham Furchthandler earlier this year. The brokers also sold a piece of a large portfolio Related owned with the New York City pension funds last year to Taconic Investment Partners for roughly $70 million last year.


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

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

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images)

It’s official: Facebook is taking 1.5M sf in Hudson Yards

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

arrow_forward_ios