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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