Lightstone Group Acquires Bronx Multifamily Buildings From Belmar Realty Corp. For $50.6M

The Lightstone Group has acquired a portfolio of multifamily buildings in the Bronx, New York. The properties included in the package are located at 105 W 177th St. in Mount Hope, 2151 Davidson Ave in University Heights, 831 Bartholdi St. in Williamsbridge, and 3520 Dekalb Ave in Norwood. The total square footage of the portfolio is approximately 260,000 square feet, with a price per square foot of $195. The transaction was completed on March 23, 2018, with a total sale price of $50.6 million. The portfolio consists of a total of 266 units, with a price per unit of $190,000.

Summary of transaction details

• Property Type: Multifamily Buildings
• Transaction Amount: $50.6 million
• Total Square Footage: 260,000 sf
• Price Per Square Foot: $195
• Total Units: 266
• Price Per Unit: $190,000

The seller of the portfolio was Belmar Realty Corp, while the buyer was the Lightstone Group. The transaction was facilitated by brokers Peter Von Der Ahe, Seth Glasser, Michael Fusco, and Joe Koicim of New York Multifamily. Additionally, the deal was valued at 12.75 times the current rent roll.