Bronx Multifamily Portfolio Trades for $90 Million
Real Estate In-Depth | November 2015
NEW YORK CITY—A total of 13 multifamily buildings in the Bronx have traded recently in the borough’s largest multifamily deal of the year.
The Continental Portfolio, owned by Continental Properties of Chatham, NJ and institutional investors advised by J.P. Morgan Asset Management, was sold to an unnamed private investor for $90 million or more than $160-a-square-foot.
The deal, brokered by Ariel Property Advisors, edged out A&E Real Estate’s $89-million purchase of Netherland Gardens earlier this year. Ariel brokered an $86-million deal late last year involving the 676-unit, 17-building Morrisania Multifamily Portfolio in the Bronx.
In the recent Continental trade, of the portfolio’s 13 multifamily buildings, four are elevatored and the remaining nine are walk-up properties. Combined, the buildings contain 612 units and have a gross area of approximately 553,304 square feet.
Victor Sozio, executive vice president of Ariel Property Advisors, stated the Continental portfolio attracted a broad spectrum of investors.
“Bronx multifamily properties have seen incredible appreciation throughout 2015,” said Shimon Shkury, president of Ariel Property Advisors. “Third quarter statistics show the average price per square foot and price per unit up nearly 27%, year-over-year.”
Exclusive agents from Ariel Property Advisors Sozio, Shkury, Michael A. Tortorici, Scot Hirschfield, Jason M. Gold and Marko Agbaba represented the sellers and procured the buyer.
The portfolio’s properties are clustered in four Bronx neighborhoods. Five of the buildings are in the Mount Eden/Mount Hope section, located at: 1685 Morris Ave., 1704 Morris Ave., 1711 Morris Ave., 1715-1717 Walton Ave. and 1727-1729 Walton Ave. Three walk-up buildings at 1165 Gerard Ave., 1170 Gerard Ave. and 1236 Grand Concourse are located in the Lower Concourse section of the South Bronx. Four of the buildings are in the University Heights/Fordham section, located at 2226 Loring Place, 2322 Loring Place, 2333 Loring Place and 2442 Morris Avenue. The 4138 Barnes Ave. property is located in the Wakefield section of the Bronx.