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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