From the September issue: Shamah Properties, a Brooklyn-based boutique real estate firm, has launched a $50 million investment fund to acquire multifamily properties in New York City.
Founded in 1980, Shamah currently owns 13 properties, largely in Flatbush, Crown Heights and Prospect Heights. But lately, the company has been expanding its portfolio, according to CEO Alan Shamah, who said he is looking for cash-flow-positive, rent-stabilized buildings with potential upside that can be realized through interior improvements and repairs.
In July, the firm closed on the $8.05 million purchase of an 80-unit apartment building at 1082 President Street in Crown Heights, and it is in contract to buy a 44-unit building at 1553 Ocean Avenue in Flatbush for an undisclosed price.
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