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Camber nabs Bronx apartment buildings to top midsize i-sales

Four purchases of mid-market commercial properties hit city records last week

47 West 175th Street in Morris Heights with Camber Property Group’s Rick Gropper and Vitus Group’s Stephen Whyte
47 West 175th Street in Morris Heights with Camber Property Group’s Rick Gropper and Vitus Group’s Stephen Whyte (Google Maps, Camber Property Group, LinkedIn)
By
Jan 31, 2023, 7:00 AM

Manhattan took the week off in New York City’s mid-market, but Rick Gropper’s Camber Property Group didn’t.

All four sales of commercial properties between $10 million and $40 million to hit city records last week were in the outer boroughs. Two were in the Bronx, while Brooklyn and Queens each had one.

Below is more information on each transaction, ranked by dollar amount.

1. Entities connected to Rick Gropper’s Camber Property Group and Settlement Housing Fund bought a trio of apartment buildings at 44 West 175th Street, 1695 Grand Avenue and 47 West 175th Street in Morris Heights for $26.5 million from entities tied to Seattle-based affordable housing developer Vitus Group.

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The three buildings, known as Morris Heights Mews, consist of 111 affordable units, Bisnow reported. SVN Affordable brokered the deal, and nonprofit Community Preservation Corporation partnered with Camber to implement $3 million of capital improvements to the complex. The three buildings span 124,600 square feet and were last sold in 2010 for $8.5 million.

2. An entity tied to the clothing store Portabella bought a retail property at 58-66 Fordham Road in Fordham Heights for $20.1 million from an entity connected to Roberts Equities. The two-story building consists of three units across 17,700 square feet and was last sold in 2008 for an undisclosed amount.

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3. An entity connected to New Jersey-based Bram Auto Group bought a warehouse at 56-08 37th Avenue in Woodside for $17.4 million from Jongsera Realty Corp. The two-floor, 52,300-square-foot industrial building was last sold in 1999 for an undisclosed amount.

4. An entity tied to Ron Moelis’ L&M Development Partners sold a commercial condo unit at 450 Kent Avenue in Brooklyn for $16 million to an entity connected to Yeichel Newhouse. The United Jewish Organizations of Williamsburg and North Brooklyn was also listed as a seller and buyer. The condo is at the 350-unit Schaefer Landing, a 192,000-square-foot waterfront residential complex.

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Investment SalesWilliamsburgWoodside