PH Realty Capital, led by Peter Hungerford, and Rockledge acquired a 2,000-unit rent-stabilized portfolio in the Bronx from Related Fund Management for $192.5 million — a 24% discount from the $253 million Related paid in 2014. Despite $30 million in renovations, Related accepted a loss as landlords flee the troubled asset class post-2019 rent law. PH Realty has become a major buyer of distressed rent-regulated assets, also snapping up loan books at steep discounts. Hungerford sees opportunity where others see risk, betting that at the right price, these buildings still offer upside—even as most landlords exit the market.
PH Realty Capital
