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.