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Deals & DealmakersResidential

Longtime owner sells Bronx 263-unit portfolio for $47M

Eastern Consolidated announced the sale of a six-building, 263-unit, 282,682 s/f multifamily portfolio in the Highbridge section of the Bronx for $47 million.

Executive managing director and principal Ron Solarz, represented the long-time private owner, and procured the buyer, a private real estate investor. Gary Meese, senior director, financial services, was the analyst for the offering.

“The Highbridge Portfolio presented the buyer with a great opportunity to acquire a portfolio of six elevator apartment buildings with tremendous upside,” Solarz said. “The buildings have been well-maintained by the same owner for over three decades and are clustered together, allowing for efficient operation and administration.”

The properties are located on Anderson, Woodycrest, and Shakespeare Avenues in Highbridge, which is bordered by the Cross-Bronx Expressway, Jerome Avenue, East 161st Street, and the Harlem River.

The New York City Department of City Planning has launched a public review of a plan to rezone a two-mile section in the neighborhood, primarily along Jerome Avenue from Highbridge north to University Heights. The Jerome Avenue Neighborhood plan is expected to spur the creation of as many as 3,250 affordable homes in a 92-block area.

Buildings in the Highbridge Portfolio are several blocks from the 167th Street 4 train station and 167th Street B, D train station, enabling easy access to Manhattan.

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