By Orlando Lee Rodriguez
Harlem may be hot and Brooklyn may be sizzling, but The Bronx is where there is multi-family in abundance.
In search of those large spaces, Riverdale based Chestnut Holdings of New York, Inc. has expanded its holdings in The Bronx, picking up five buildings for $10.3 million.
Four of the multi-family buildings are in the proximity of the Grand Concourse, the 4.5-mile boulevard modeled after the Champs-Élysées in Paris, sans the Arc de Triomphe.
The fifth, 1841 Mohegan Avenue, is just south of the Bronx Zoo and right off the busiest stretch of highway in the nation — The Cross Bronx Expressway portion of I95.
All five properties were purchased as a bundle from William Mack’s AREA Property Partners.
“At the moment they are divesting in the Bronx,” said broker Timour Shafran, managing partner at Citicore, of AREA’s current position on their Bronx holdings. “It’s a very good deal; cash over existing debt.”
The largest building in the deal is 975 Sherman Avenue, a 35,900 s/f building with 45 units that sits just east of the Concourse near 164th Street, behind the newly constructed criminal courts.
The area just to the east of the courts has seen an uptick in new construction as of late, with a slew of new towers holding rental units as well as a new vertical campus of Boricua College.
The other buildings picked up in the deal are 853 Walton Avenue, a 21,000 s/f, 25-unit building across the street from the Bronx County Courthouse. 1487 Teller Avenue is a 27,000 s/f, 34-unit property, and 343 East 173rd Street a 15,800 s/f building with 21 units. Both sit on opposite sides of the 8.2 acre Clermont Park.
Many of the multi-family buildings in the Bronx were built in the 1920’s and ‘30’s and have larger footprints than others found around the city.
Representatives for Chestnut Holdings said that the purchases were for the long term and that they believe in the future growth of The Bronx.
“Given that we invest for the long-haul, the Bronx is particularly appealing,” said Daniel Wiener, director of investments for Chestnut.
“It provides us with opportunities to have a meaningful impact on the community.”
