LeFrak Sells Bay Ridge Apartment Building to HF Capital for $24M

LeFrak has offloaded a residential property in Brooklyn’s Bay Ridge neighborhood.

LeFrak, through the entity Ridge Leasing Limited Partnership, sold 7410 and 7420 Ridge Boulevard to HF Capital for $24.4 million, according to city records made public Thursday.

The two addresses appear to be in one six-story building and comprise a total of 166 residential units, according to StreetEasy.

Arnold Lehman signed the deal for the seller, while Avi Singer, co-founder of HF Capital, signed for the buyer, which used the entity HF Bay Ridge, records show.

It’s unclear who brokered the deal. Spokespeople for HF Capital and LeFrak did not immediately respond to requests for comment. PincusCo first reported the news.

The Bay Ridge apartment building between 74th Street and Bay Ridge Parkway also features retail tenants, including piano technician Bert Jantsch and event planner Barrel Strength Talent. LeFrak bought the apartments in 1996 for an undisclosed amount.

Apartments at the property, known as the Ridge, rent between $2,695 per month for a one-bedroom and $4,295 per month for a three-bedroom, according to StreetEasy.

News of the deal comes after LeFrak offloaded a portfolio of 14 multifamily properties in southern Brooklyn to A&E Real Estate in November 2022, as Commercial Observer previously reported.

In that transaction, A&E paid $248.7 million for the portfolio, which comprised 1,212 apartments, 306 parking spaces and five commercial spaces in the Gravesend and Sheepshead Bay neighborhoods, CO reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.