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Acquisitions

Lightstone Group buys three Bronx rentals

Firm is clearly bullish on the neighborhood

2198 Cruger Avenue (Credit: Cushman)

David Lichtenstein’s Lightstone Group has closed on its acquisition of 2197 Cruger Avenue, 2198 Cruger Avenue, and 2180 Bronx Park East from Bronx River Management Corporation for $53 million. 

Dig Deeper: The three adjacent residential properties span 233,815 square feet, and contain 220 rent stabilized units.

Bullish on the Bronx…. This marks Lichtenstein’s second foray into the Bronx. In March, Lichtenstein acquired a portfolio that spans 259,640 square feet, and contains 266 apartments for $50.6 million.

Heard on the Street: Cushman’s Jonathan Squires who brokered the deal told REW: “As the Bronx continues to emerge into a sought-after location, this rare portfolio offered the buyer an opportunity to acquire multifamily properties near a major commercial thoroughfare.”

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