Browse all categories | Subscribe My Account | Logout
Browse all categories
< Back

Black Spruce buys Bronx multifamily building for $26M

People & Companies / Latest News

United States of America

Feb 22 2017

Add to Favorites

Share this Article:

Kathryn Brenzel, The Real Deal

Black Spruce Management, led by Josh Gotlib, snapped up a 99-unit multifamily building in the Bronx for $26 million.

The company purchased 1765 Townsend Avenue, an 11-story, 88,227-square-foot building between 175th and 176th streets, according to documents filed with the city on Wednesday. The previous owner, Gigi Porcelli, purchased the building in 1991, though public records don’t indicate how much Porcelli paid.

When reached by phone, Gotlib declined to comment. Cushman & Wakefield’s David Simone, who handled the listing, did not immediately return a call seeking additional information.

Black Spruce primarily focuses on multifamily rentals in the Bronx and Brooklyn but has recently made some significant moves on Manhattan properties. Last summer, the company scooped up a portfolio of 14 rental buildings in Hell’s Kitchen for $110 million, and a set of 14 buildings in Chelsea for $80 million.

In August, Black Spruce sold an eight-building multifamily portfolio in Brooklyn and the South Bronx for $60 million roughly a year after paying $43 million for the buildings.

SOURCE: The Real Deal


You may also like...

Load More


Login into your MP Report account

Forgot my password

Sign up to the MP Report

Creating an account with MP Report allows you to save articles and update your preferences to filter the content based on your interests and what content you would like to receive from us via our email alerts and newsletter.