Phoenix Realty pays Joel Gluck’s Spencer Equity $91M for eight rentals in Soundview

Phoenix Realty Group through the entity Bronx 469 Venture, LLC acquired an interest from Joel Gluck’s Spencer Equity Group through the entity Hp Rosedale Gardens Housing Development Fund Company valued at $91 million for eight buildings including the 56-unit rental (D7) at 549 Commonwealth Avenue in Soundview, Bronx, 58-unit rental (D1) at 501 Commonwealth Avenue in Soundview, Bronx, and 57-unit rental (D1) at 502 Rosedale Avenue in Soundview, Bronx.
The deal closed on September 17, 2021 and was recorded on October 4, 2021.
The eight properties have 376,218 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $241 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.)
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The transaction was not a deed transfer, it was an entity level transfer. The Real Deal reported on the sale of the section 8 affordable housing complex known as Academy Gardens last month.
The former owner according to the Department of Housing Preservation and Development was Dov Guttman, head officer. The business entity is Rosedale Gardens Ny Llc.

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