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Bronx Apartments Will Return to Rent Stabilization Post-Sale
Stellar Management completed the sale of 1133 Ogden Ave., also known as Highbridge House, to Camber Property Group and Belveron Partners. The 26-story Bronx apartment tower in the Bronx’s Highbridge neighborhood traded for $76.25 million.
Built in 1947, Highbridge House has undergone extensive building-wide improvements since Stellar acquired it for $19 million in 2006. Along with renovations to individual apartments, there was an extensive façade and terrace maintenance program, a new lobby, upgrades to common areas and hallways and replacement of the roof and windows.
Camber and Belveron reportedly plan to return its 400 units to New York State’s Mitchell-Lama rent stabilization program, having partnered on a similar deal of comparable size in the Bronx this past January.
Aaron Jungreis of Rosewood Realty Group brokered the deal for both the buyers and the seller.
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