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CushWake Brokers Sale of Pelham Apartment Portfolio

Cushman & Wakefield has arranged the $53-million sale of a three-building apartment building portfolio in the Pelham Parkway neighborhood of the Bronx. The buyer was not identified; city records indicate it was the Lightstone Group.

A Cushman & Wakefield team of Jonathan Squires, Robert Shapiro, Michael Fioravanti, Josh Neustadter and Addison Berniker led the marketing efforts on behalf of the seller. Totaling 223 rent-stabilized units, the portfolio includes 2197-2199 Cruger Ave., 2198 Cruger Ave. and 2180 Bronx Park East.

“As the Bronx continues to emerge into a sought-after location, this rare portfolio offered the buyer an opportunity to acquire multifamily properties near a major commercial thoroughfare,” said Squires.

Located a few blocks from White Plains Road, a major commercial thoroughfare, the properties are minutes away from the Pelham Parkway MTA subway station, offering access to Manhattan’s East and West Sides via the 2 and 5 lines.

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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 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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