Camber Property pays $23.75M to L+M Development for 191 units in Bronx

Rick Gropper and Andrew Moelis’ Camber Property Group paid Ron Moelis’ L+M Development Partners $23.75 million for 191 units in the Bronx in three separate transactions.

In the first, Camber through the entity 148 Brook Housing Development Fund Corporation paid L+M Development Partners’s Brook Avenue Gardens Associates L.P. $11.3 million for 454 East 148th Street in Mott Haven. The deal closed on October 30, 2020, and was recorded on November 13, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 79 residential units. The property is 91,998 square feet. The parcel(s) have total development potential of 91,998 square feet.
The sale price per unit is $142,405. The signatory for the buyer was Rick Gropper

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $70,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Camber Property Group through the entity 740 Cranford Housing Development Fund Corporation paid L+M Development Partners’s Cranford Avenue Apartments L.P. $6.3 million for 740 Cranford Avenue in Morrisania. The deal closed on October 30, 2020, and was recorded on November 13, 2020. The transaction consists of 1 parcel, including the tax class miscellaneous (N9) and containing 56 residential units. The property is 47,455 square feet. The parcel(s) have total development potential of 47,837 square feet.
The sale price per unit is $111,607.

The last time the property sold was November 17, 2017, for $2,615,910.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third transaction, Camber Property Group through the entity 2340 Beaumont Housing Development Fund Corporation paid L+M Development Partners’s Beaumont Avenue Apartments L.P. $6.3 million for 2340 Beaumont Avenue in Tremont. The deal closed on October 30, 2020, and was recorded on November 13, 2020. The transaction consists of 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 56 residential units. The property is 51,600 square feet. The parcel(s) have total development potential of 51,600 square feet.
The sale price per unit is $111,607.

The last time the property sold was November 17, 2017, for $2,652,102.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $610,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link