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Related is looking to sell nearly 1,000 apartments in the Bronx
16-building rent-stabilized portfolio could fetch $200M: sources
The Related Companies wants to shed more of its extensive Bronx multifamily holdings — this time, 16 buildings with nearly 1,000 rental apartments.
The developer and the New York City pension funds recently hired Hodges Ward Elliott to sell a package of 925 rent-stabilized units and 111 parking spots throughout the Bronx, sources told The Real Deal. Sources said the properties are expected to sell for about $200 million.
The package includes nine buildings along Carpenter Avenue and Bronx Boulevard in Wakefield; and seven in University Heights, Kingsbridge and Concourse.
The buildings are a mix of the ones Related bought from Stanley Wasserman’s S.W. Management in 2014 and from Eastern Capital Partners for $112.5 million in 2015.
A Hodges Ward Elliott team led by Will Silverman, Daniel Parker and Paul Gillen is handling the marketing. Neither Related nor the brokers could be reached for comment.
Related had luck selling 12 of its Bronx buildings in February to Taconic Investment Partners for $71 million.
The developer still owns more than 3,000 apartments in the borough. Sources said the pension funds have been eager to dispose of the assets, which may have expedited the move to sell.