Nonprofit Neighborhood Restore Sells Three Bronx Apartment Buildings for $33M

Neighborhood Restore, a New York City-based nonprofit organization, has offloaded a trio of apartment buildings in the Bronx’s Concourse neighborhood for a total of $33.1 million, according to city records made public Friday.

The nonprofit oversees affordable housing development programs that focus on transitioning properties from abandonment to third-party ownership, according to its website.

It has sold the five-story, 60-unit 1097 Walton Avenue; the five-story, 55-unit 1177 Walton Avenue; and the six-story, 67-unit 1245 Findlay Avenue to the Bowery Residents’ Committee (BRC), a nonprofit serving individuals experiencing homelessness and addiction, records show.

Salvatore D’Avola, executive director at Neighborhood Restore, signed for the seller, which used the entity Neighborhood Renewal Housing Development Fund Corporation, according to records. It was unclear who signed for the buyer, which used the entity BFH Housing Development Fund.

It’s also unclear who brokered the deal. Spokespeople for Neighborhood Restore and BRC did not immediately respond to requests for comment.

Neighborhood Restore bought the Bronx apartment buildings in July 2021 for a total of $29.5 million, property records show. 

The deal comes after Neighborhood Restore sold another five multifamily buildings in the Bronx’s Fordham neighborhood in July.

In that deal, Neighborhood Restore sold 2160 Walton Avenue, 1851-1859 Walton Avenue, 1881 Walton Avenue, 1815 University Avenue and 1805 University Avenue to MBD Community Housing Corporation for a total of $32.3 million, as Commercial Observer previously reported.

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