In one of the year’s biggest multifamily market deals in the Bronx, Ephraim and Eli Fruchthandler sold two buildings to Mendel Kaff for a combined $169 million, property records show.
The Fruchtlanders’ Lineage Properties sold the multifamily buildings at 2001 Story Avenue in Unionport and 883 East 180th Street in West Farms for $105 million and $64 million, respectively. Crain’s reported the sales Tuesday.
That’s a markup for Lineage, which spent roughly $132 million to buy the two properties. It picked up the Unionport building in 2019 for $88 million and spent slightly more than $44 million for the West Farms property in 2017.
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The two-building portfolio includes more than 500 units and 600,000 square feet. The Story Avenue building boasts 355 units and 422,000 square feet, and rents are typically between $1,400 and $2,500, according to StreetEasy. The East 180th Street property has 200 units and 181,000 square feet.
Kaff has made a series of multifamily buys in the city. In 2020, he bought two buildings in Soundview for $13 million. Last year, he nabbed 781 Washington Avenue in Crown Heights for $22 million. This month, however, he appeared to be the seller of a development site in Crown Heights, which an entity tied to Joseph Rubin bought for $17 million.
60 Guilders sews up LIC deal
In other commercial real estate news, 60 Guilders closed on its purchase of Vornado Realty Trust’s office property at 33-00 Northern Boulevard in Long Island City, according to the Commercial Observer. The property is near fully leased to public agencies such as the Metropolitan Transportation Authority and the city’s Human Resources Administration.
Apollo provided $170 million in financing for the acquisition. Some of that money will go toward building improvements. Estreich and Company negotiated the financing.
[Crain’s] — Holden Walter-Warner