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

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

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
Vornado chairman Steven Roth and Related chairman Stephen Ross (Roth by Misha Friedman/Getty Images; Ross by Mark Brown/Getty Images)

Protesters revisit Steven Roth, Stephen Ross and other NY billionaires

Protesters revisit Steven Roth, Stephen Ross and other NY billionaires
Related's Stephen Ross and Jeff Blau with Hudson Yards (Getty, iStock, Wikipedia Commons)

EB-5 investors to Related Companies: Open your books

EB-5 investors to Related Companies: Open your books
Neiman Marcus at Hudson Yards in New York and Neiman Marcus CEO Geoffroy van Raemdonck (Credit: Neiman Marcus by Noam Galai/Getty Images; van Raemdonck by JOE SCHILDHORN/Patrick McMullan via Getty Images )

Party’s over: Neiman Marcus to close its Hudson Yards location

Party’s over: Neiman Marcus to close its Hudson Yards location
Related chairman Stephen Ross and Bronx Terminal Market (Getty, Google)

TRD Insights: Here’s what tenants pay at Related’s Bronx Terminal Market

TRD Insights: Here’s what tenants pay at Related’s Bronx Terminal Market
Related’s Jeff Blau, 1085 Colgate Avenue and 1050 Wheeler Avenue (Getty, Google Maps)

Related sells two more pieces of vast Bronx multifamily portfolio

Related sells two more pieces of vast Bronx multifamily portfolio
arrow_forward_ios

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

Loading...