Eastern Consolidated Sells Bronx Multifamily Portfolio for $47 Million
NEW YORK, NY – December 20, 2017 – Eastern Consolidated has announced the sale of a six-building, 263-unit, ±282,682-square-foot multifamily portfolio in the Highbridge section of the Bronx for $47 million.
Eastern Consolidated 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. In addition, the portfolio is minutes from the Grand Concourse, Major Deegan Expressway (I-87) and the Cross-Bronx Expressway/George Washington Bridge (I-95).
The Highbridge neighborhood is conveniently located near the Bronx courts and municipal complexes, Yankee Stadium, the Bronx Terminal Market, numerous hospitals and healthcare centers, and several colleges and universities including Fordham University.
Powered by a highly skilled team of 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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