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Acquisitions

Lightstone buys Bronx portfolio

Abe Greenspan is the seller

Lighstone’s CEO David Lichtenstein (Credit: Forbes)

David Lichtenstein’s Lightstone Group closed on the acquisition of four multi-family properties in the Bronx from Abe Greenspan for $50.6 million, according to CO. The portfolio spans 259,640 SF and contains 266 apartments (122 are free market).

Be Smart: At $50.6 million, the property traded at $195 per foot, $190,225 per unit, and a 4 cap. You will no longer find many bargains in the Bronx.

Property Addresses: 2151 Davidson Avenue in University Heights, 831 Bartholdi Street in Williamsbridge, 105 East 177th Street in Mount Hope, and 3520 Dekalb Avenue in Norwood.(CO)

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