Developer Purchases Two Castle Hill Buildings for $88 Million

A developer who’s son was once on the city’s slumlord’s list has purchased two Castle Hill buildings for $88 million.

The transaction is considered to be the largest singe-asset sale in The Bronx in over 6 years.

2001-2045 Story Avenue, with over 300 units across both buildings, were once part of the Mitchell-Lama affordable housing program.

Back in 2015, Related Fund Management had purchased the pair for $66 million turning a $22 million profit in less than 4 years.

No word on what the future of the buildings will be or if the new owners will keep the buildings as market-rate rentals.

It seems that nowhere in The Bronx is safe from developers.

Full story over at The Real Deal.

Ed García Conde

Ed García Conde is a life-long Bronxite who spends his time documenting the people, places, and things that make the borough a special place in the hopes of dispelling the negative stereotypes associated with The Bronx. His writings are often cited by mainstream media and is often consulted for his expertise on the borough's rich history.