Dermot Property Associates has sold a 14-building portfolio made up of 861 apartments and 41 retail spaces, the New York Observer reported. The properties, which are located in Manhattan, the Bronx and Queens, traded for $190.5 million. The Parkoff Organization purchased 10 of the buildings for $158 million, as The Real Deal reported last week.
The Parkoff purchase included residential and mixed-use properties in the West Village, the Lower East Side and the Bronx. Rosewood Realty Group President Aaron Jungreis represented Parkoff.
The other four buildings, located in Astoria, Queens, went to Douglaston Realty.
The 14 buildings were first marketed together as a package. “The guy in the Bronx and Manhattan didn’t want the Queens buildings, and the guy in Queens didn’t want the Bronx and Manhattan buildings, so it paid to split them up,” Jungreis told the Observer.
Dermot was represented by Steve Kohn, Helen Hwang, Mark Ehlinger, Nat Rockett, Karen Wiedenmann, Sujohn Sarkar and Sridhar Vankayala of Cushman & Wakefield. [NYO] –Zachary Kussin