Prana Investments pays $16M to BlackRock Realty entity for multifamily in Morningside Heights

Prana Investments through the entity 185-187 Claremont Ave. LLC paid BlackRock Realty Advisors’s 185 Claremont Avenue, LLC $15.8 million for 183 Claremont Avenue in Morningside Heights. The deal closed on August 5, 2020, and was recorded on August 11, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 62 residential units. The property is 43,173 square feet. The parcel(s) have total development potential of 60,173 square feet.
The sale price per unit is $254,839.

The contract date was February 25, 2020. Debra Mistretta of BlackRock signed for the seller, while Richard Herman signed for Prana. This building was part of a $319 million portfolio purchase Deutsche Bank’s RREEF made in 2008. BlackRock later took control of the properties. It sold a building in June to Nelson Management.

Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $552,864.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link