A developer who’s son was once on the city’s slumlord’s list has purchased two Castle Hill buildings for $88 million.
The transaction is considered to be the largest singe-asset sale in The Bronx in over 6 years.
2001-2045 Story Avenue, with over 300 units across both buildings, were once part of the Mitchell-Lama affordable housing program.
Back in 2015, Related Fund Management had purchased the pair for $66 million turning a $22 million profit in less than 4 years.
No word on what the future of the buildings will be or if the new owners will keep the buildings as market-rate rentals.
It seems that nowhere in The Bronx is safe from developers.
Full story over at The Real Deal.