Eric Galloway's Lantern Organization Acquires Multifamily Building In Tremont For $14.1M

The Silverleaf Hall, a residential elevator building located at 1852 Washington Avenue in Tremont, Bronx, was recently sold in a closed transaction. The buyer, Eric Galloway from Lantern Organization operating as Silverleaf Lantern Investor LLC, acquired a 99.9 percent interest in this multifamily asset. The property consists of 118 units and spans a total area of 122,650 square feet. The transaction, facilitated by Richman Group and U.S.A. Institutional Tax Credit Fund XXXIX L.P., was finalized at a sale price of $14,146,801, equating to a price per square foot of $115.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $14,146,801
• Address: 1852 Washington Avenue, Tremont, Bronx
• Market: Tremont, Bronx

Lantern Organization, represented by Eric Galloway, successfully purchased the residential property from the Richman Group and U.S.A. Institutional Tax Credit Fund XXXIX L.P. for $14.1 million. This acquisition adds to Lantern Organization's real estate portfolio and strengthens their presence in the Tremont market.