Azure Partners LLC, a New York based real estate private equity firm, has sold 1749 Grand Concourse Bronx NY for $49.5 million, two years after buying the building for $35 million.
“We are usually long term holders of assets, but given the value we were able to create at the property during our ownership and the tremendous demand from investors for large rent stabilized properties, we were able to exit our investment at an attractive return” said Arthur Rosenberg, CEO of Azure.
1749 Grand Concourse, known as the Lewis Morris building, was purchased by an un-named Brooklyn based private investor in an off-market deal brokered by Steven Vegh of Westwood Realty Associates.
The 17 story, 423,000 s/f elevator building consists of 274 residential units and four retail spaces. It has over 200 s/f of frontage on the Grand Concourse. The price equates to $178,000 per unit, a record for the Bronx.
This is the third time since 2010 that this building has traded hands.
E & M Associates purchased this building as part of a larger package from SG2 in 2010 for $25,000,000. and in June 2013 Azure Partners, purchased the building for $35,000,000 with Steven Vegh as the broker on that transaction as well.
Azure significantly improved the building with a new lobby, common areas, façade repairs as well as much more to add a lot of value.
“This is one of the nicest buildings on the Grand Concourse. The past owner has added significant value with both management and building improvements and the new owner will do extremely well with the asset.” said Vegh.