New York & Tri-State + Uptown/Bronx + Apartments | July 10, 2019

Investor Appetite for Bronx Drives Apartment Complex Sale

Related Companies has sold the 252-unit River Court and Gerard Court apartment complex in the Concourse section of the Bronx to Prana Investments. The New York office of Hodges Ward Elliott (HWE) arranged the $36-million sale.

The elevator building complex at 1065-1075 Gerard Ave. was built in 1999 through the Low Income Housing Tax Credit (LIHTC) program. The properties have a 421a tax exemption, and are subject to rent stabilization during the tax abatement.

“There is a wave of New York LIHTC buildings nearing the end of their regulatory agreements that are very attractive to our investor pool,” said HWE’s Daniel Parker. “Hodges Ward Elliott continues to generate investor interest in the Bronx.”

Parker represented Related together with HWE colleagues Paul Gillen and Ariel Tambor. Earlier this year, HWE arranged an $88-million sale of two apartment buildings in the Castle Hill section of the Bronx on behalf of Related.

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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).