An affordable housing complex in the Morrisania section of the Bronx has sold for nearly $24 million.
Preservation Development Partners bought the Albert Goodman Plaza Apartments, at 970 Boston Road and 665 East 163rd Street, from Excel Bradshaw Management Group. The complex includes four elevator apartment buildings with 250 apartments and two commercial units. The sale price was $23.8 million.
Besen & Associates has arranged the $22.9 million sale of a nine-story, 86,360-square-foot city-run transitional housing facility for homeless families at 2520 Tilden Avenue in East Flatbush, Brooklyn.
Known as Tilden Hall, the nine-story residential building one block east of Bedford Avenue features 117 apartments and rests in a neighborhood characterized by row houses, cottage homes and an array of mom and pop stores.
It is leased to Highland Park Development, which signs bi-yearly service agreements with the city and its Department of Homeless Services to provide transitional housing, counseling and rehabilitation programs for families in need, which made the transaction stickier than your average multifamily deal, but also more promising for the buyer, United Realty Trust.
“The due diligence was more complex than your standard multifamily transaction,” said Greg Corbin of Besen & Associates, who arranged both sides of the transaction with business partner Amit Doshi. “United Realty Partners acquired great bricks with an outstanding cap rate.”
Albert and Robert Gilardian, of The Gilar Group, acquired 2410-2418 Broadway for $47 million. The transaction closed prior to the New Year and the seller, M.E. & A Realty Co., was motivated in part by concerns over the looming hikes in capital gains taxes and fiscal cliff concerns, according to a release prepared by Eastern Consolidated, which represented the seller in collaboration with Besen & Associates.