Pistilli Realty stitches together $55M Bronx portfolio

With recent $14M buy of two multifamily properties, landlord now has over 300 units in the borough

Pistilli Realty Group picked up a pair of multifamily buildings in the Fordham Manor section of the Bronx, adding to a portfolio of properties purchased in recent months that now tallies over 300 units for $55 million.

The Astoria-based landlord – which owns some 4,500 units in the five boroughs, Westchester and Long Island – closed on the purchase of 2695 Briggs AvenueAnd 2710 Valentine Avenue last week for $14 million.

The pair of six-story elevator buildings, which sit back-to-back on the block not far from the Kingsbridge Road B and D-train subway station, hold a combined 84 rental units spanning some 97,000 square feet.

Pistilli, a family firm run by brothers Joe and Tony Pistilli, purchased a five-building portfolio of properties in November spread across the borough from Prana Investments for $41 million.

The five properties – 535 East Tremont Avenue, 355 East 187th Street, 1770 East 172nd Street, 2865-73 Webster Avenue and 65-67 East 175th Street – combine for 321 apartments and more than 243,000 square feet. Pistilli Realty plans a long-term hold on its Bronx portfolio.

Mike Pistilli, the company vice president, said there’s a lot of potential upside in the buildings, where rents can be raised from about $1,100 to $1,400 per month.

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“The previous owners didn’t really care too much about maximizing the bottom line,” he said. “There’s a lot of juice in these deals.”

Luca Capin of Capin & Associates represented the sellers in both transactions, and Pistilli negotiated directly with the broker.

Pistilli also plans to develop a mixed-use medical-office and apartment building with 24 residential units in the Kingsbridge Terrace section at 2661 Kingsbridge Terrace.

In December, Related Companies spent $112.5 million to purchase a 20-building, 737-unit Bronx portfolio, the largest portfolio deal of 2015.

For its November cover story, The Real Deal broke down the rising market in the Bronx.

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Pistilli Realty stitches together $55M Bronx portfolio

With recent $14M buy of two multifamily properties, landlord now has over 300 units in the borough

Pistilli Realty Group picked up a pair of multifamily buildings in the Fordham Manor section of the Bronx, adding to a portfolio of properties purchased in recent months that now tallies over 300 units for $55 million.

The Astoria-based landlord – which owns some 4,500 units in the five boroughs, Westchester and Long Island – closed on the purchase of 2695 Briggs AvenueAnd 2710 Valentine Avenue last week for $14 million.

The pair of six-story elevator buildings, which sit back-to-back on the block not far from the Kingsbridge Road B and D-train subway station, hold a combined 84 rental units spanning some 97,000 square feet.

Pistilli, a family firm run by brothers Joe and Tony Pistilli, purchased a five-building portfolio of properties in November spread across the borough from Prana Investments for $41 million.

The five properties – 535 East Tremont Avenue, 355 East 187th Street, 1770 East 172nd Street, 2865-73 Webster Avenue and 65-67 East 175th Street – combine for 321 apartments and more than 243,000 square feet. Pistilli Realty plans a long-term hold on its Bronx portfolio.

Mike Pistilli, the company vice president, said there’s a lot of potential upside in the buildings, where rents can be raised from about $1,100 to $1,400 per month.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

“The previous owners didn’t really care too much about maximizing the bottom line,” he said. “There’s a lot of juice in these deals.”

Luca Capin of Capin & Associates represented the sellers in both transactions, and Pistilli negotiated directly with the broker.

Pistilli also plans to develop a mixed-use medical-office and apartment building with 24 residential units in the Kingsbridge Terrace section at 2661 Kingsbridge Terrace.

In December, Related Companies spent $112.5 million to purchase a 20-building, 737-unit Bronx portfolio, the largest portfolio deal of 2015.

For its November cover story, The Real Deal broke down the rising market in the Bronx.

Tags