Related sells two more pieces of vast Bronx multifamily portfolio

1050 Wheeler Avenue and 1085 Colgate Avenue combined to total 92K sf and 84 rent-stabilized units

New York /
Jul.July 14, 2020 08:00 AM
Related’s Jeff Blau, 1085 Colgate Avenue and 1050 Wheeler Avenue (Getty, Google Maps)

Related’s Jeff Blau, 1085 Colgate Avenue and 1050 Wheeler Avenue (Getty, Google Maps)

There was just one transaction in the $10 million to $30 million New York City investment-sales market for the week of July 6 to July 10. Two buildings in Related Companies’ vast Bronx portfolio sold in an off-market transaction to a private seller that closed Thursday, July 9.

Located in Soundview, the two properties are at 1050 Wheeler Avenue and 1085 Colgate Avenue. The combined price of the buildings was $13 million, roughly $154,000 per unit.

Daniel Parker of Hodges Ward Elliott brokered the transaction representing the private buyer.

The Wheeler Avenue building is larger, spanning 66,000 square feet and containing 60 rent-stabilized units. The building at 1085 Colgate Avenue spans 26,400 square feet and has 24 rent-stabilized units, for a total of 92,400 square feet and 84 units.

Related acquired the properties in 2015 as part of a blockbuster 20-building $113 million multifamily purchase it made alongside several New York City pension funds. Related and the pension funds sold 12 of its Bronx multifamily holdings to Clarion Partners and Taconic Investment Partners in 2018 for $71 million.

Related did not immediately respond to a request to comment.


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