Chestnut Holdings pays $7.6M to Morgan Group for rental in Highbridge

Chestnut Holdings through the entity 1344 University LLC (a New York-based LLC) paid $7.6 million to Morgan Group through the entity 1344 University LLC (a Delaware-based LLC) for 52-unit rental (C1) at 1344 University Avenue in Highbridge, Bronx.
The deal closed on August 13, 2021 and was recorded on August 19, 2021.
The property has 55,000 square feet of built space and 5,250 square feet of additional air rights for a total buildable of 60,200 square feet according to PincusCo analysis of city data. The sale price per built square foot is $138 and the price per buildable square foot is $126 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 owner bought the property on 13-Aug-21, for $7.6 million.
The signatory for Morgan Group was Scott Morgan. The signatory for Chestnut Holdings was Bastien Broda.

The contract date was May 7, 2021.
The former owners according to the Department of Housing Preservation and Development includes Scott Morgan, head officer and Brooke Morgan, shareholder. The business entities were The Morgan Group Llc and 1344 University Llc.

Within a 400-foot radius of 1344 University Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $17.7 million. The most recent of the two was Atlantic Development Group which borrowed $10.8 million from Signature Bank secured by the 96,073-square-foot, 98-unit rental (D1) on 1314 Merriam Avenue on March 23, 2021.

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