New York & Tri-State + Uptown/Bronx + Apartments | June 13, 2022

Good Day Apartments divested two apartment properties in the Bronx's Castle Hill neighborhood, in a deal arranged by Alpha Realty

Alpha Realty Arranges Castle Hill Portfolio Deal

Alpha Realty’s team arranged the $25-million sale of a two-building multifamily portfolio in the Castle Hill neighborhood of the Bronx. The firm’s Lev Mavashev and Yehuda Lese represented both the seller, the Hofer Family’s Good Day Apartments, and the buyer, a local private investor, in the off-market transaction.

Located at 2160 Newbold Ave. and 2200 Powell Ave., the 148,803-square-foot portfolio contains a total of 159 one- and two-bedroom rental apartments and 14 commercial units populated by a variety of neighborhood service retailers. The apartments are fully rent regulated, with rents averaging approximately $1,300 per month.

“Strong underlying fundamentals continue to make the Bronx an attractive market for multifamily investors,” said Mavashev. “Despite regulatory headwinds, the rent regulated sector in particular represents a smart, risk-adjusted, long-term investment opportunity and the buyer is excited to add this pristine package to his portfolio.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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