Phoenix Realty acquires interest from Abrams Capital, Belveron valued at $95M for five properties in Bronx

Phoenix Realty Group through the entity Hp Keith Kelly Preservation Housing Development Fund acquired an interest from Abrams Capital, Belveron Partners and an unidentified owner, through the entity Avir LLC and others valued at $95 million for 612-unit property at 2481 Southern Boulevard in Bronx, 142-unit residential elevator building at 2405 Southern Boulevard in Belmont/Little Italy, Bronx, and 160-unit property at 2364 Prospect Avenue in Belmont/Little Italy, Bronx.
The deal closed on January 21, 2022 and was recorded on January 31, 2022.
The five properties have 559,412 square feet of built space and 431,228 square feet of additional air rights for a total buildable of 594,325 square feet according to PincusCo analysis of city data. The sale price per built square foot is $153 and the price per buildable square foot is $144 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.)

Belveron sold its stake in Starrett City last year, and sold other stakes over the past two years.
Out of the five properties, one with a total of 559,412 square feet of built space generated revenue of $2.4 million per year.

The combined value of the two transfers was $95 million. Phoenix Realty Group is a multifamily investor.  Abrams Capital is located at the same address as seller LLC.   There was an additional transfer of an interest valued at $8.9 million between Phoenix and another entity as sellers, and Phoenix as buyer.
On the tax block, the majority, or 35 percent of the 360,815 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 28 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Ron Orgel, head officer and Dan Durante, officer. The business entity is Keith Owner, Llc.

Direct link to Acris document. link