Myles Horn affiliates pay $23M for 255 unsold co-ops in Bronx, Manhattan

By Adam Pincus

Affiliated companies of investor Myles Horn closed yesterday on the $23 million purchase of 255 unsold cooperative units spread across nine buildings in the Bronx and Manhattan, according to city records and a person familiar with the deal.

The transaction was the largest sale of unsold co-ops in the last five years, the broker on the deal said.

The sale has not yet appeared in city records, but a uniform commercial code filing for each of the buidlings identifies the limited liability company for the buyer, and the LLCs are at the address of unsold condo and co-op investor Myles Horn’s ABC Properties. Horn did not immediately respond to a request for comment.

The sellers included members of the Blaser family, which converted at least some of the properties into co-ops in the 1980s. The units were in Bronx buildings 85 McClellan Street, 2265 University Avenue, 2420 Morris Avenue, 2830 Briggs Avenue, 3000 Valentine Avenue, 3245 Perry Avenue and 2530 Independence Avenue and in Inwood buildings at 95 Park Terrace East and 57 Park Terrace West.

The portfolio was composed of 85 percent free-market units, according to the broker, Mark Zborovsky, who specializes in the sale of blocks of unsold free-market and rent-regulated co-ops and condos. Zborovsky did not confirm, comment on or identify the buyer or seller individuals identified in this story.

The units generate an annual cash flow of $980,400, resulting in a 4.3 percent cap rate for the sale, according to Zborovsky.