Related Shopping 1,000-Unit Bronx Portfolio

2780 University Ave., The Bronx

Related is looking to sell 16 buildings with 925 rent-stabilized units in the Bronx for a reported $200M.

The buildings include nine properties along Carpenter Avenue and Bronx Boulevard in Wakefield, and seven others spread across University Heights, Kingsbridge and Concourse, The Real Deal reports.

The portfolio is part of the collection bought from Stanley Wasserman’s S.W. Management in 2014 and from Eastern Capital Partners for $112.5M in 2015, according to TRD.

The firm still owns around 3,000 units in the borough. The Bronx has become increasingly popular with institutional investors, with Brookfield reportedly spending $165M on a massive mixed-used project there.

Last year, Jamestown bought a 10-story office building at 260 East 161st St. from Acadia Realty Trust.

However, while Related is looking to shrink its affordable housing holdings in the Bronx, it is actively expanding in other parts of the country. Last week, it announced it will pay Aimco $590M for its Asset Management Portfolio.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Bringing Stability And Savings To CRE Insurance Through Working Layer

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

Mamdani Adds Millions To Program Helping Retailers Negotiate With Landlords