Highbridge House in the Bronx Trades for $76.25 Million
John Jordan | July 2, 2019
NEW YORK—Camber Property Group, a developer of affordable and mixed-income projects in New York City, and partner Belveron Real Estate Partners have acquired the 400-unit high-rise Highbridge House apartment building in the Bronx for $76.25 million.
The 26-story property at 1133 Ogden Ave. was sold by Stellar Management of New York City. Aaron Jungreis of Rosewood Realty Group brokered the deal for both the buyer and seller of the property located in the Highbridge section of the Bronx.
Stellar Management originally purchased the approximately 283,248-square-foot building in June 2006. Throughout its 13-year ownership of the property, Stellar completed extensive building-wide improvements. In addition to apartment renovations, there was an extensive façade and terrace maintenance program, a new lobby, common areas and hallways were upgraded throughout the building, the roof and windows were replaced and new boilers were installed and much more.
The 1133 Ogden Ave. complex is near the Alexander Hamilton Bridge, the High Bridge, parks such as Mullaly, Mill Pond, and Joyce Kilmer, and Merriam, Summit and Nelson playgrounds. The building is close to public transportation- only an eight-minute walk to the 4, B and D trains at the 167th Street station and close to Metro North’s Melrose Station.
The most recent updates to the property include a new lobby and extensive Local Law 11 façade work. The building boasts a variety of amenities including high-speed elevators, on-site laundry, on-site maintenance, parking garage, a community room and a playground. Most units feature a balcony.
Stellar owns and manages more than 13,000 apartments, more than 2 million square feet of office space and 1.3 million square feet of retail space. Notable current New York City projects include 220 Fifth Ave., Independence Plaza, The Windermere, One SoHo Square, Embassy House and OTTO Greenpoint.
Editor, Real Estate In-Depth