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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.
“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.