Pair of Bronx multifamily buildings leads New York’s mid-market investment deals

Prana Investments is buying 1226 and 1240 Sherman Avenue for $17M

New York /
Apr.April 06, 2020 08:00 AM
1226-1240 Sherman Avenue and 21-23 Catherine Street (Credit: Google Maps)

1226-1240 Sherman Avenue and 21-23 Catherine Street (Credit: Google Maps)

There were three deals in New York’s mid-level investment sales market this week, including a pair of rent-stabilized buildings in the Bronx and a pair of mixed-use buildings in Manhattan. Here are the details:

1. Prana Investments is buying two buildings at 1226 and 1240 Sherman Avenue in the Bronx for $17 million from the Morgan Group. The adjacent properties are both rent-stabilized multifamily buildings. The buildings both stand six stories tall and have 123 units overall. Aaron Jungreis of Rosewood Realty brokered the deal.

2. A pair of LLCs based in Lower Manhattan purchased 21 and 23 Catherine Street for $14 million from a Midtown-based LLC. The building at 21 Catherine Street stands five stories tall with 16 units, and the building at 23 Catherine Street stands six stories tall with 17 units, according to the city.

3. An LLC linked to Tai Li Huang bought a four-story mixed-use building in Flushing for $11.5 million from an LLC linked to Aron Forem. The building at 37-19 Main Street contains six units and spans 10,000 square feet, according to the city.


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