Glacier Equities, a real estate investment, construction, and asset management firm led by Myles Horn, has closed on a 255-residential unit portfolio of unsold shares across nine co-operative buildings in the Bronx and Manhattan for $23 million.
As part of the transaction Glacier Equities also acquired the leasehold interest in five retail units associated with the buildings.
The seller was entities affiliated with the Blaser family, the original sponsor of the cooperatives. Mark Zborovsky LLC brokered the sale.
Six of the Bronx properties are located in various growing submarkets including Concourse, Bedford Park, Norwood, and Fordham/University Heights, while one is in Spuyten Duyvil. The two Manhattan properties are located in Inwood.
“This portfolio was a can’t-miss opportunity to add value to emerging areas of the Bronx that still afford New Yorkers with attainable homeownership opportunities, and we are pleased to close on one of the largest Bronx deals to complete since March,” said Horn.
“Many people are priced out of Manhattan, Brooklyn, and even parts of Queens, and much of the development happening in the Bronx is high-rise and high-priced. We are looking to create value, renovate and reposition these assets with significant additional investment to ultimately sell beautifully redesigned homes in existing buildings within the fabric of their neighborhoods for under $500,000.”
Horn and his partners has purchased, converted, developed, managed, and/or sold more than 5,000 apartment units across the tri-state area with total gross sales exceeding $1 billion.
Now, with his team at Glacier Equities including Principals Alex Horn, Rachel Brill, and Matthew Muller, Horn will reposition those assets through renovation and redesign, adding amenities and services, extensive marketing, and innovative selling.
Additional current repositioning and redevelopment projects Glacier Equities has underway include The Village at Parkway, at Parkway Village in Briarwood, Queens; a portfolio in Elmhurst, Queens; and six properties across Upper Manhattan. Previous projects include Skyview Riverdale in Riverdale, Bronx; and The Printing House in Manhattan’s West Village, among many others.