Bulk co-op buy in the Bronx tops mid-market investment sales
Only 3 deals between $10M and $30M recorded in week ending Nov. 13
Just three deals populated the middle of the investment market for the week ending Nov. 13. The transactions, which The Real Deal defines as between $10 million and $30 million, included a bulk purchase of co-op apartments in the Bronx, an 85-key hotel in Brooklyn and a low-income apartment building, also in the Bronx. Here are more details.
1. Myles Horn’s Glacier Equities acquired 255 apartments for $23 million — or about $90,000 per unit — through the purchase of unsold shares across nine co-op buildings in the Bronx and Manhattan. The seller was affiliated with the Blaser family, whose Skyline NY Management Solutions owns and operates the buildings, according to PropertyShark. The nine buildings have a total of 499 units and span a combined 496,299 square feet. Glacier said it plans to renovate and sell the apartments.
2. Maheschand Ratanji, acting through a limited liability company, purchased a 28,311-square-foot, 85-room hotel for $19.7 million. The hotel at 5252 Kings Highway in East Flatbush is currently operating as a Holiday Inn Express. The company, Kings Hwy Equities, is registered to a Howard Johnson hotel at 1300 Tonnelle Avenue in North Bergen, New Jersey. The seller was a limited liability company associated with Tejpal Sandhu.
3. A limited liability company affiliated with the Camber Property Group and the HFDC 148 Brook purchased a 91,998-square-foot apartment building for $11.2 million. The building is a converted factory building with 79 residential units at 454 East 148th Street in Mott Haven. The seller was a limited partnership associated with L+M Development Partners.