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Toby Moskovits sells Crown Heights multifamily building for $117M
Harbor Group International bought 564 St. John’s Place
Toby Moskovits sold her once-distressed Crown Heights apartment building to Harbor Group International for $117 million.
Harbor Group – headquartered in Norfolk, Virginia – purchased the 193-unit building at 564 St. John’s Place in late June, according to property records filed with the city Tuesday.
The purchase price works out to more than $606,000 per unit.
Representative for Moskovits’ Heritage Equity Partners are Harbor Group could not be immediately reached for comment. Steven Vegh of Westwood Realty Associates brokered the deal. He declined to comment.
Westwood Realty Associates’ Steven Vegh
Moskovits and her partner Michael Lichtenstein were in danger of losing the property last year after their lender, Benefit Street Partners, filed a foreclosure auction last summer. Arbor Realty Trust provided the developers with a $97 million loan to stave off the foreclosure proceedings.
Harbor Group, headed by Jordan Slone, has been active wheeling and dealing on the multifamily front. Late last year the company teamed up with Azure Partners to buy the tallest residential building in Westchester for $259 million.
And in early 2018 Harbor Group and Isaac Kassirer sold a 15-building portfolio in the Bronx for $65 million.