Sam Applegrad buys Bronx portfolio for $34M
Dalan scaling back in borough, redeploying capital in Manhattan
Skyc Management’s Sam Applegrad picked up three mixed-use Bronx buildings from Dalan Management for a combined $34.3 million, The Real Deal has learned.
The properties, located at 649, 655 and 690 Allerton Avenue in the borough’s working-class Bronxwood neighborhood, nearly doubled in price in the span of seven years. Dalan paid $19.5 million in 2008 for the buildings, which collectively contain 170,000 buildable square feet and hold 144 apartments and 23 retail spaces.
Citicore’s Timour Shafran and Rosewood Realty Group’s Aaron Jungreis were the brokers on the deal.
Applegrad, a Bronx-based landlord who owns more than 30 properties, is planning a long-term hold and renovations, Jungreis said.
Meanwhile, Dalan, led by Danny and Andrew Wrublin, is scaling back in the Bronx and Northern Manhattan and redeploying capital in Chelsea and West Village. Dalan owns more than 40 buildings in the city, many of which contain rental apartments and retail.
“Where we can take a substantial profit, we have been exiting some of the assets that we purchased several years ago in Upper Manhattan and the Bronx in order to exchange into downtown Manhattan or some of the prime areas in Brooklyn and Queens,” Wrublin said.
Dalan also owns a small portion of office properties, including a pair of 12-story Midtown office buildings acquired for $36 million in February.