The Real Deal New York

Oak Tree snags four Brooklyn rental buildings for $60M

New Start Development's properties house 149 rent-stabilized units

October 07, 2015 11:30AM
By Rey Mashayekhi

471 Vanderbilt Avenue BK

From left: 471 Vanderbilt Avenue in Clinton Hill and 802 Bergen Street in Crown Heights

Oak Tree Management acquired a package of four rent-regulated multifamily buildings across three Brooklyn neighborhoods for a combined $60.2 million, according to property records filed with the city Wednesday.

The rental buildings are located at 471 Vanderbilt Avenue in Clinton Hill, 802 Bergen Street and 597 Grand Avenue in Crown Heights, and 50 Greene Avenue in Fort Greene. Collectively, they span more than 133,000 square feet and house a combined 149 apartments.

All of the residential units at the properties are rent-stabilized, according to an Oak Tree Management spokesperson who confirmed the transaction. The building at 50 Greene Avenue also features two office units measuring a combined 2,700 square feet.

Park Slope-based real estate investment firm Oak Tree plans to continue managing the buildings as rent-stabilized residential properties, the spokesman said. Oak Tree closed on the acquisition Oct. 1 from New Start Development, a Crown Heights-based firm led by principal Alfred Thompson. A spokesperson for New Start confirmed the deal.

One-bedroom apartments in Fort Greene averaged $2,889 per month in August, while one-bedrooms in Clinton Hill averaged $2,474 per month and those in Crown Heights averaged $2,002 per month, according to the latest data from residential brokerage MNS.

Inception Investors and NorthEnd Equities recently picked up a nine-building multifamily portfolio spread throughout Brooklyn for $26.3 million, as The Real Deal reported.