Blackstone pays $8.5M to AIG for elevator building in Fordham Heights, part of $5.1B deal

Blackstone Group through the entity Aztec Holdco, LLC paid $8.5 million to AIG through the entity Safg Retirement Services, Inc. for the 55-unit residential elevator building at 2066 Morris Avenue in Fordham Heights, Bronx.
The deal closed on December 16, 2021 and was recorded on January 31, 2022.
The property has 67,957 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $125 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on October 31, 2006, for $3 million.
Prior to this transaction, the buyer Blackstone Group purchased five properties in four transactions for a total of $92 million and sold two properties in two transactions for a total of $202 million over the past 24 months.
The seller AIG purchased one property in one transactions for a total of $2.6 million and sold 16 properties in seven transactions for a total of $68.6 million over the same time period.
The 67,957-square-foot property generated revenue of $865,480 or $13 per square foot, according to the most recent income and expense figures.

(201091255) Plans for the 55-unit, J-2 were filed on November 22, 2006 and were permitted on March 21, 2008.
Blackstone bought the property as part of a $5.1 billion transaction in which AIG sold affordable housing interests to Blackstone Real Estate Income Trust.  SunAmerica is a subsidiary of AIG. Revantage is located at the same address as buyer LLC.
In Fordham Heights, the bulk, or 43 percent of the 17.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 33 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $101 million in sales volume in the last two years. For development, Fordham Heights has 2.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Bronx. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
On the tax block, the majority, or 66 percent of the 517,765 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 28 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Israel Neiman, head officer and James Young, site manager. The business entity was 2066 Morris Ave Housing Corp Fund Trust.
Within a 400-foot radius of 2066 Morris Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on February 25, 2021 for a 40,508-square-foot R-2 building with 67 residential units at 2074 Walton Avenue.
Of those four items, three were loans above $5 million totaling $22.2 million. The most recent of the three was Atlantic Development Group which borrowed $11.8 million from JLL secured by the 92,728-square-foot, 92-unit rental (D1) on 2089 Creston Avenue on November 24, 2021.

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