Heritage Affordable Communities Acquires Bronx Multifamily Building From MacQuesten Development For $15.1M

The property asset involved in this transaction is located at 1450 Clay Avenue in the Bronx. This multifamily property, categorized as affordable housing, comprises 101 units across a total square footage of 139,201. The sale concluded at a price of $15,100,000, resulting in a price per unit of $149,504 and a price per square foot of $108.

Summary of transaction details:

• Property Type: Multifamily (Affordable Housing)
• Transaction Amount: $15,100,000
• Units: 101
• Square Footage: 139,201
• Price Per Unit: $149,504
• Price Per Square Foot: $108
• Buyer: Heritage Affordable Communities – Gabriele Hakimi & Vidit Hirani
• Seller: MacQuesten Development
• Date: 4/25/2025
• Address: 1450 Clay Avenue, Bronx

Heritage Affordable Communities is represented in the deal by Gabriele Hakimi and Vidit Hirani. The company focuses on acquiring Low-Income Housing Tax Credit (LIHTC) properties and seeks any deals in New York City that are encumbered by a regulatory agreement. They are open to purchasing both walk-up and elevator buildings, regardless of the deal size, and emphasize their rapid growth in affordable housing across the five boroughs.