Related Cos. Sells Affordable South Bronx Community
Prana Investments purchased the 252-unit River Court and Gerard Court. Hodges Ward Elliott’s Daniel Parker, Paul Gillen and Ariel Tambor acted on behalf of the seller.
Related Cos. has sold the 252-unit River Court and Gerard Court in the Bronx. Hodges Ward Elliott Vice President Ariel Tambor, along with Managing Directors Daniel Parker and Paul Gillen, represented the seller in the $36 million deal. Prana Investments is the new owner of the affordable housing asset in New York City.
Located at 1065-1075 Gerard Ave. in the borough’s Concourse neighborhood, the property is close to several public transit options as well as notable attractions such as the Yankee Stadium. Built in 1999 through the low-income housing tax credit program, the structure features studios and one- and two-bedroom units. All apartments have a 421a tax exemption and are subject to rent stabilization during the tax abatement.
According to Parker, investors are particularly attracted to the wave of New York LIHTC buildings nearing the end of their regulatory agreements. Recently, HWE arranged the sale of a former industrial asset in the Williamsburg neighborhood of Brooklyn. Rocket Factory Lofts, a 73-unit apartment building, traded for $61 million.
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].