Jonathan Wiener's Chestnut Holdings Acquires 182-Unit Multifamily Building On 975 Walton Avenue In Concourse, Bronx For $18M

Chestnut Holdings of New York, operating through the entity Walton Improvement Group LLC, has acquired the 182-unit residential elevator building at 975 Walton Avenue in Concourse, Bronx. The property was purchased for $18 million through bankruptcy from the former owner, Benzion Kohn of the entity 975 Walton Bronx LLC. The building is located in the Concourse market and consists of 182 units with a total square footage of 279,000. The purchase price per unit was approximately $98,901, and the price per square foot was approximately $65. The building has a total of 350,255 buildable square footage with a price per buildable square foot of $51.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $18,000,000
• Units: 182
• Price Per Unit: $98,901
• Total Square Footage: 279,000
• Price Per Square Foot: $65
• BUILDABLE SF: 350,255
• PPBSF: $51

The buyer in this transaction was Jonathan Wiener, representing Chestnut Holdings. The seller was Benzion Kohn. The lender involved in the deal was Beltway Capital Management, represented by Jed Schaefer.