Bronx Apartment Portfolio Commands $53M

Completed in the 1920s and 1930s, the three communities acquired by Lightstone Group total 233 units.
2197-2199 Cruger Ave.

Three rent-stabilized apartment buildings in the Bronx totaling 223 units changed hands in a $53 million deal. According to public records, Lightstone Group paid $237,668 per unit at a 4 percent cap rate. Dime Community Bank provided a $28 million acquisition loan.

All the assets reach six stories and feature elevator service. Two of them are located across each other, at 2197-2199 and 2198 Cruger Ave. and were completed in 1928 and 1930, respectively. The last one is situated at 2180 Bronx Park East and was built in 1936, PropertyShark data shows.

Situated in the borough’s Pelham Parkway neighborhood, the properties are within walking distance of each other, as well as retailers, eateries, cafes, banks, playgrounds and fitness centers. The Pelham Parkway MTA subway station, White Plains Road and Bronx River Parkway provide quick transportation throughout the area.

Cushman & Wakefield Director Jonathan Squires, Executive Managing Director Robert Shapiro, Associate Director Michael Fioravanti and Associates Josh Neustadter and Addison Berniker represented the seller in the transaction. Last spring, the brokerage company was tapped to sell a rent-stabilized portfolio in Astoria, Queens. 

Image via Google Street View