PGIM Real Estate pays $64M to Columbia University for 127-unit rental in Riverdale

PGIM Real Estate through the entity Ppref/Fp 3260 Henry Hudson Owner LLC paid $64 million to Columbia University through the entity The Trustees Of Columbia University In The City Of New York for the 127-unit residential elevator building (D1) at 3260 Henry Hudson Parkway in Riverdale, Bronx. The expected use is cash flowing.
The deal closed on April 21, 2026 and was recorded on April 28, 2026. The property has 242,697 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $263 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 July 3, 2008, for $67.6 million. The signatory for Columbia University was Sharon Colburn . The signatory for PGIM Real Estate was Ian Christ . The contract date was February 20, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer PGIM Real Estate had purchased any other properties and sold three properties in two transactions for a total of $252 million over the past 24 months.
The seller Columbia University had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Greenberg, head officer and Monica Kuth, officer. The business entity is Trustees Of Columbia University. The 242,697-square-foot property generated revenue of $4.7 million or $19 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 127 residential units in Riverdale has 242,697 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 246 feet and is 148 feet deep with a total lot size of 44,350 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $26.7 million.

Transaction Participants

Kerri Garipoli at Goodwin Procter LLP participated in the transaction on behalf of the buyer.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations and $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 242,697 square feet of the 405,894 square feet. The two identified owners are Columbia University and Nelson Management Group.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 405,894 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Columbia University owned at least 262 commercial properties with 6,768 residential units in New York City with 18,315,011 square feet and a PincusCo-determined asset value of $7 billion. Within the portfolio, the bulk, or 54 percent of the 18,315,011 square feet of built space are specialty properties, with elevator properties next occupying 34 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Bronx next at 1 percent of the space.

The buyer

The PincusCo database currently indicates that Pgim Real Estate owned at least three commercial properties in New York City with 1,001,071 square feet and a PincusCo-determined asset value of $922.4 million. Within the portfolio, all identified are condo properties.

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