Pears brothers pay $24.1M to ABC Properties for unsold co-ops in North Riverdale

Pears brothers through the entity Tremada Skyview LLC paid ABC Properties’s Skyview Apartments LLC $24.1 million for 143 unsold cooperative units at 5700 Arlington Avenue, 5800 Arlington Avenue and 5900 Arlington Avenue in North Riverdale, the Bronx. The deal closed on November 24, 2020, and was recorded on December 1, 2020. The transaction consists of 143 parcels, including the tax class cooperative (D4).

Of those apartments, 25 were free market, according to a person familiar with the transaction. The actual sale price was $24.1 million, not the $30.8 million recorded in Acris, according to a person familiar with the transaction. The discrepancy is because of how the city taxes a bulk co-op sale. The actual amount paid for the units was $24.1 million, which was added the portion of the underlying mortgage proportionate to the number of shares sold.

The Pears brothers Tremada Properties recorded its second bulk purchase of unsold apartments in a week. The seller was Myles Horn through his ABC Properties. Yesterday, PincusCo reported on Tremada’s $11.5 million purchase of unsold condo units from Friedman Management.  Myles Horn has been an active trader of units, paying $23 million for a package of 255 co-ops in the Bronx and Manhattan.

PincusCo was the first to report on the billionaire Pears brothers acquisitions in New York City.

Mark Zborovsky, who focuses on bulk condo and co-op sales, was the broker on the transaction but declined to comment.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $828,475.
Direct link to Acris document. link

Correction: An earlier version of this post provided an incorrect number for the sale price, which was the figure reported in Acris. The post also provided an incorrect figure for the combined number of units in all the buildings. In addition, the story was updated to include the broker.