Prana Investments pays $17M to Morgan Group for rental property in Longwood Melrose

Prana Investments pays $17 million to the Morgan Group for two multifamily properties in the Longwood Melrose neighborhood of the Bronx in two transactions. The sales went into contract in December 2019.

In the first, Prana through the entity 1240 Sherman Ave. Bronx LLC paid Morgan Group’s Deb-Bie Realty Associates LLC $8.5 million for 1240 Sherman Avenue in Longwood Melrose. The deal closed on March 25, 2020, and was recorded on April 10, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 59 residential units. The property is 63,535 square feet. The parcel(s) have total development potential of 63,535 square feet.
The sale price per unit is $144,068.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Prana through the entity 1226 Sherman Ave. Bronx LLC paid Morgan Group’s 1226 Sherman LLC $8.5 million for 1226 Sherman Avenue in Longwood Melrose. The deal closed on March 25, 2020, and was recorded on April 10, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 61 residential units. The property is 67,114 square feet. The parcel(s) have total development potential of 67,114 square feet.
The sale price per unit is $139,344.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link