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HWE Arranges $88M Bronx Multifamily Deal
In what is reportedly the Bronx’s largest single-asset multifamily deal in more than six years, Hodges Ward Elliott (HWE) arranged the $88-million sale of a pair of multifamily buildings in the borough’s Castle Hill section.
Abraham Fruchthandler’s FBE Limited bought the 10-story buildings at 2001-2045 Story Ave. from Related Fund Management, the asset-management arm of the Related Companies. Totaling roughly 400,000 square feet, the two free-market buildings include 355 units.
An HWE team of Daniel Parker, Paul Gillen and Ariel Tambor brokered the sale. HWE has brokered several other transactions in the Bronx over the past few years, including the $71-million sale of a portfolio of 12 buildings on behalf of Related to Taconic Investment Partners and Clarion Partners.
In 2016, HWE also arranged the sale of a 1,000-unit Bronx apartment portfolio to a partnership led by Harbor Group International. The 38-building portfolio traded for $140 million.
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