Bronx is garnering more attention from a major Manhattan developer: The Related Companies.
Related’s real estate fund management team, which focuses on distressed real estate and multifamily housing opportunities, and New York City’s pension funds purchased a 17-story apartment building in Bronx’s Parkchester neighborhood for $38 million with $25.7 million in acquisition financing from New York Community Bank, city records show.
The partnership acquired the property known as Noble Mansion from the New York real estate investment firm Pembroke Companies on September 18, the same day the loan from NYCB closed. The transactions hit city records this week.
The 237-unit rental building at 1500 Noble Avenue contains an outdoor pool and 166 outdoor parking spaces. The building was completed in 1965.
Related partnered with the city’s pension funds in March to acquire a $270 million portfolio of 35 Bronx rental buildings from the family-owned real estate company SW Management. That deal was the first of a commitment between the organizations to spend up to $310 million on city properties to help preserve affordability in those buildings.
A spokesperson for NYCB confirmed the Noble Mansion acquisition and financing.