Seven-building East Flatbush rental complex asks $35M

KMG Partners paid $19.5M in 2007

TRD New York /
May.May 15, 2014 08:45 AM

Real estate investment firm KMG Partners is asking $35 million for a seven-building apartment complex occupying a full block in East Flatbush, The Real Deal has learned.

The 195,000-square-foot Clarendon Gardens site at 5407-5413 Kings Highway in Brooklyn holds 224 rent-stabilized apartments and 97 parking spots. The deal would also come with 23,790 square feet of as-yet-unused air rights. The units are housed in five three-story buildings and two two-story buildings. The site underwent $4 million in renovations, including a new roof and new gas system, over a three-year period ending in 2011.

Shallini Mehra and Amit Doshi of Flatiron District-based brokerage Besen & Associates are marketing the site, located near Avenue D.

Landlord Eric Granowsky, who left KMG in 2012, went on to launch another real estate firm, ESG Equities. KMGH Clarendon LLC, an affiliate of KMG Partners, bought the buildings in 2007 for $19.5 million, property records. Besen & Associates represented KMG Partners in the 2007 deal.

In 2012, an investor group led by KMG and Peter Moore Associates owed $108.4 million on a building loan mortgage and a project loan mortgage for 627 Greenwich Street, a botched condominium conversion project.  The 124,000-square-foot building sold to LG Acquisitions I, LLC for $75 million just last month, as The Real Deal reported.


Related Articles

arrow_forward_ios
Carroll Gardens and Flatbush in Brooklyn (Photos by Steven Pisano via Flickr; Mrbrklyn via Wikipedia; iStock)

Brooklyn’s most and least expensive neighborhoods

Brooklyn’s most and least expensive neighborhoods
268 Sterling Place and 56 Marlborough Road (Credit: Google Maps; StreetEasy)

Signs of life in Brooklyn’s luxury home market

Signs of life in Brooklyn’s luxury home market
94-16 34th Road, Michael Besen and Amit Doshi (Credit: Google Maps)

Doshi-Besen feud continues with lawsuit over Queens multifamily property

Doshi-Besen feud continues with lawsuit over Queens multifamily property
Greg Corbin and Aaron Jungreis (Credit: iStock)

Greg Corbin leaving Besen & Associates for Rosewood

Greg Corbin leaving Besen & Associates for Rosewood
Lawsuit accuses Michael Besen of trying to “foist his nemesis” Amit Doshi on unsuspecting partner

Lawsuit accuses Michael Besen of trying to “foist his nemesis” Amit Doshi on unsuspecting partner

Lawsuit accuses Michael Besen of trying to “foist his nemesis” Amit Doshi on unsuspecting partner
Flatbush Presbyterian Church hits the market as development site

Flatbush Presbyterian Church hits the market as development site

Flatbush Presbyterian Church hits the market as development site
Harry Einhorn is planning a 65-unit building at a former Flatbush furniture store

Harry Einhorn is planning a 65-unit building at a former Flatbush furniture store

Harry Einhorn is planning a 65-unit building at a former Flatbush furniture store
Brooklyn’s Renaissance Realty unloads $34M multifamily portfolio

Brooklyn’s Renaissance Realty unloads $34M multifamily portfolio

Brooklyn’s Renaissance Realty unloads $34M multifamily portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...