Jungreis, Kerwin and Guttman of Rosewood secure $40 million sale; Mohegan Crotona Associates sells 11-building portfolio

Rosewood Realty Group arranged the $40 million sale of an 11-building portfolio in the Tremont section of the borough. The combined 348,726 s/f portfolio consists of ten, five-story elevator buildings and one six-story elevator apartment building with a total of 331 apartments. The properties include: 2078 and 2074 Crotona Parkway, 2132 and 2140 Daly Ave., 1895 Belmont Ave., 2146 Vyse Ave., 968, 984 and 990 Bronx Park South and 2075 and 2079 Mohegan Ave. Most of the buildings are rent-stabilized and also Section 8. The sale also includes a vacant lot across the street. Rosewood's Aaron Jungreis and Mike Kerwin brokered the deal on behalf of the seller, Mohegan Crotona Associates, a private investor, with Rosewood's Michael Guttman representing the un-disclosed buyer, also a private investor. The portfolio sold for 7.4 times the combined rent rolls. "When it went into contract there were suddenly many competing buyers willing to pay the price," said Guttman. "Rosewood stood out by arranging a structure that really appealed to the seller's sensibility with the buyer covering a large part of the seller's closing costs."