The Lightstone Group Acquires Pelham Parkway Portfolio In Bronx For $53M

The Pelham Parkway Portfolio, a multifamily property located at 2197-2199 and 2198 Cruger Avenue and 2180 Bronx Park East in the Bronx, New York, has been sold in a closed transaction for $53,000,000. The property spans a total of 234,000 square feet, with a price per square foot of $226. It consists of 223 units, making it an attractive investment opportunity in the Bronx market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $53,000,000
• Square Footage: 234,000 sf
• Price per Square Foot: $226
• Number of Units: 223
• Seller: Bronx River Management Corporation
• Buyer: The Lightstone Group – David Lichtenstein, Mitchell Hochberg, and Bob Knakal

The Lightstone Group, represented by David Lichtenstein, Mitchell Hochberg, and Bob Knakal, was the buyer in this transaction. They saw the potential in the Pelham Parkway Portfolio as a multifamily asset and seized the opportunity to acquire it from the Bronx River Management Corporation. The deal demonstrates the ongoing investment activity in the Bronx market, driven by the demand for multifamily properties.