The Real Deal New York

Parkoff pays $158M for 10-building portfolio

Properties, purchased from Dermot, are located in the West Village, the LES and the Bronx

December 26, 2012 04:00PM
By Hiten Samtani

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Aaron Jungreis, The Claremont and 201 West 11th Street.

Parkoff Organization has paid $158 million to the Dermot Company for a 10-building portfolio of residential and mixed-use properties in the West Village, the Lower East Side and the Bronx, The Real Deal has learned. The deal closed early last week.

In Manhattan, Parkoff paid $48 million for 201 and 207 West 11th Street, two prewar landmarked buildings in the West Village that house 42 and 25 rental units, respectively; the buildings are situated just off Seventh Avenue. There are also eight commercial units at 201 West 11th Street. In addition, Parkoff shelled out $26 million for 81 Orchard Street and 75 Orchard Street, two six-story mixed-use buildings near Broome Street on the Lower East Side; the buildings have 30 residential rental units and four commercial units each. The company also paid $16 million for the Claremont— a seven-story residential building with 35 rental units in the East Village, located at 229 East 12th Street between Second and Third avenues.

In the Bronx, Parkoff paid $46 million for 2131 Wallace Avenue and 2132 Wallace Avenue, two six-story mixed-use buildings with a combined 347 residential rental units and 24 commercial units. The company also picked up 2146, 2162, and 2182 Barnes Avenue, a trio of six-story, 70-unit residential buildings. All the buildings in the Bronx portfolio were located in the Bronxdale neighborhood.

“It was nice doing business with the guys at Dermot,” said Aaron Jungreis, president of Rosewood Realty Group, who brokered the deal on behalf of Parkoff. “It isn’t easy to do a package of this size, but it worked out.” A Cushman & Wakefield team of Steven Kohn, Helen Hwang, Nat Rockett and Karen Wiedenmann represented Dermot (note: clarification appended).

Richard Parkoff, a principal at Parkoff, declined to comment, except to say that the properties were bought for investment purposes. In January, the Great Neck, N.Y.–based company paid $35 million for the Clearview Cinemas building at West 23rd Street. The company’s other holdings include a portfolio of six East Side rentals — 3 East 66th Street, 192-194 East 75th Street, 30 East 68th Street and 345-349 East 64th Street — where monthly rents average $4,690.

Rick Lapidos, Dermot’s director of acquisitions, asset management and operations, handled the deal on behalf of the seller, Dermot Dunwoody LLC, an entity affiliated with Dermot. Dermot’s recent deals include the $70 million acquisition of the 640,000-square-foot Building 2 site at the Riverside Center development, in a joint purchase with the AFL-CIO Building Investment Trust. The company also developed the Arabella 101, a 12-story, 78-unit rental building in the East Village and is in the process of redeveloping Lower Manhattan’s Pier A and the Battery Maritime building, both in partnership with the Poulakakos family.

Representatives from Dermot did not immediately respond to a request for comment.

  • Ira Cohen

    Far from the 200m+ they wanted. 9x rent roll sounds about right for this deal.

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