Chestnut Holdings buys 10-building Bronx portfolio for $47M

Rental properties are located in South Bronx and Fordham Manor

From left: Prana CEO Neil McKinnon and Jonathan Wiener of Chestnut Holdings
From left: Prana CEO Neil McKinnon and Jonathan Wiener of Chestnut Holdings

Chestnut Holdings continues to amass properties in the Bronx, paying $46.6 million for a 10-building portfolio in the borough. The Bronx landlord bought the properties from San Francisco-based investment firm Prana Investments.

The family-owned real estate investment firm, led by Jonathan Wiener, acquired the buildings, which are located from the South Bronx to Fordham Manor, Crain’s reported.

Rosewood Realty Group’s Aaron Jungreis brokered the deal.

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In 2013, Chestnut bought the three-building Shalom Aleichem Houses in Van Cortlandt Village for $22 million. The firm also purchased a 11-building portfolio in the Highbridge section of the borough for around $46.8 million in 2011.

Chestnut is not the only one snatching up property in the borough. In December, the Related Companies, in partnership with New York City pension funds, acquired a 20-building Bronx portfolio for $112.5 million, The Real Deal reported. The purchase was the largest package to change hands in the borough last year.

Last year, A&E Real Estate purchased of a 441-unit complex in Riverdale for $89 million and an Asden Properties-led group acquired of 612 apartments for $90 million. [Crain’s]Dusica Sue Malesevic