$60M sale of Bay Ridge, Midwood portfolio sets record

Off-market transaction works out to $232,000 per unit -- a new high for the area

TRD New York /
Oct.October 29, 2014 02:33 PM

Brooklyn-based Landau Real Estate bought a four-building portfolio in Bay Ridge and Midwood for $60.3 million in an off-market deal.

At $232,000 per unit, the sale marks the priciest to date in the area. The portfolio includes 465-476 84th Street in Bay Ridge, as well as Midwood-located buildings at 2566 Ocean Avenue, 1745 East 12th Street and 1811 Quentin Road. The buildings are roughly 60,000 square feet each.

J. Halpern and Son is the seller of the family-owned buildings. The properties were acquired by the Halperns between 1935 and 1962. It’s the first time the buildings have been traded. The sales price represents more than 15 times the rent roll.

“We haven’t seen anything trade at this price in these areas,” said Daniel Shragaei, associate director at GFI Realty. GFI’s Shragaei and Yosef Katz represented both the seller and buyer in the transaction.

The multi-family buildings include rent stabilized units and fit with the new owner’s portfolio. Landau owns several other buildings in the borough.

The 260 units in the buildings are one-, two- and three-bedroom apartments. Similar packages don’t often hit the market, Katz said, which led the buyer to act quickly.

“You don’t really get these opportunities in Brooklyn,” Katz said.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

New York’s multifamily market had its slowest first half of the year since 2011
New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook)

One of NYC’s top multifamily lenders says 13% of portfolio is in deferral

One of NYC’s top multifamily lenders says 13% of portfolio is in deferral
GFI Capital CEO Allen Gross with the Beekman Hotel at 123 Nassau Street (top left), Ace Hotel at 20 West 29th Street in NYC (right) and Ace Hotel & Swim Club Palm Springs in California (bottom left) (Credit: Ace Hotels; GFI; Google Maps)

Allen Gross, owner of Ace and Beekman hotels, expecting $12M PPP loan

Allen Gross, owner of Ace and Beekman hotels, expecting $12M PPP loan
Darren King (Credit: iStock)

Multifamily lender saw delinquent loans double in Q1

Multifamily lender saw delinquent loans double in Q1
New Yorkers snap up high-end rentals in Miami Beach

New Yorkers snap up high-end rentals in Miami Beach

New Yorkers snap up high-end rentals in Miami Beach
Absent federal assistance, landlords and real estate developers are at the mercy of their lenders. (Credit: iStock)

Landlords locked out of $350B Paycheck Protection Program

Landlords locked out of $350B Paycheck Protection Program
arrow_forward_ios

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

Loading...