An entity linked to prolific real estate firm The Related Cos. has offloaded five Bronx properties for a combined $18.2 million, records show. The move appears to be part of a departure from the outer boroughs by the firm and its subsidiaries.
Matthew Becker, senior vice president at the Hudson Yards-headquartered company, signed the deeds authorizing the sale of all five apartment buildings: 3830 Bronx Blvd. in the Olinville section as well as 4002-4004, 4014-4016, 4128-4130 and 4138-4140 Carpenter Ave. in the Wakefield neighborhood, each for about $3.5 million, according to the documents, which appeared in the city register Monday.
The seller is not Related itself — best known for its luxury condos and swanky hotels — but Related Fund Management, created in 2009 to target buildings reeling from the Great Recession. But the distinction is somewhat academic, as the two closely overlap with shared executives and the same office.
In 2013 Related Fund Management then turned its attention to helping the city rebuild after Superstorm Sandy decimated much of the outer boroughs the year before, stockpiling a pool of money, called the NYC Related Superstorm Sandy Rebuilding Fund. That pile of cash included more than $300 million from the city’s five pension accounts, Crain’s reported at the time. Indeed, the limited liability companies that sold the five walkup apartments along Bronx Boulevard and Carpenter Avenue this month, after first purchasing them in 2015, all include variations of the word Sandy12, records show.
A Crain’s analysis of the company’s holdings earlier this year found that Related Fund Management was once an arm of The Related Cos. but has apparently operated independently since 2016. How much daylight still exists between the fund and the firm is unclear, however, and Related spokeswoman Kathleen Corless did not return a request for comment by press time.
The Bronx buildings, which are rent stabilized, are five of the nearly two dozen such properties that Related and its associated entities have unloaded in the past few years at massive losses, according to a Crain’s analysis.
Meanwhile, the buyer of the buildings is Moshe “Moe” Greenzweig, who in 2023 was listed on Public Advocate Jumaane Williams’ worst landlords ranking for that year. Greenzweig told Crain’s Monday that he intends to lightly renovate the properties and keep the units’ status as rent stabilized, but he otherwise declined to comment.
