New York & Tri-State + Uptown/Bronx + Apartments | November 19, 2020

Glacier Equities Closes on MF Portfolio in Bronx, Inwood

Glacier Equities, a real estate private equity firm led by Myles Horn, closed on a 255-residential unit portfolio of unsold shares across nine cooperative buildings in the Bronx and Manhattan for $23 million.

As part of the transaction, Glacier Equities also acquired the leasehold interest in five retail units. The seller was entities affiliated with the Blaser family.

The Bronx properties are located in various growing submarkets including Concourse, Bedford Park, Norwood, and Fordham/University Heights, while one is in Spuyten Duyvil. The two Manhattan properties are located in Inwood.

“Many people are priced out of Manhattan, Brooklyn, and even parts of Queens, and much of the development happening in the Bronx is high-rise and high-priced,” said Horn. “We are looking to create value, renovate and reposition these assets with significant additional investment to ultimately sell beautifully redesigned homes in existing buildings within the fabric of their neighborhoods for under $500,000.”

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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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