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Black Spruce buys Bronx multifamily building for $26M

People & Companies / Latest News

United States of America

Feb 22 2017

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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

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