The Real Deal New York

Peter Rebenwurzel in contract to buy Urban American’s Brooklyn-heavy portfolio for $236M

Deal for "Kings & Queens" package to close early next year
By Mark Maurer | November 17, 2014 11:30AM

Peter Rebenwurzel’s Coney Realty Group is in contract to buy a large Brooklyn-centric portfolio from Urban American Management for $236 million, The Real Deal has learned.

Once dubbed the Kings and Queens portfolio, the package includes a total of 1,434 apartments among 14 properties in Brooklyn and a garden apartment complex in Staten Island. The two biggest buildings in the package are a 178-unit property at 2425 Nostrand Avenue in Midwood in Brooklyn and a 176-unit complex at 2838-2868 Hylan Boulevard in Staten Island’s Oakwood neighborhood. Urban American listed the buildings in September, as TRD reported.

The LeFrak Organization sold the properties to Urban American for $251 million in 2007, when the portfolio was larger and encompassed several Queens buildings.

Eastern Consolidated’s Marion Jones, Peter Hauspurg and David Schechtman are representing the seller, while Lipa Lieberman, also of the brokerage, is representing the buyer. The deal is expected to close early next year, sources said.

Representatives for Urban American and Coney Realty Group declined to comment.

Fannie Mae served as Urban American’s equity partner on the properties. Urban American partnered with Fannie Mae, as well as the City Investment Fund and state pension funds, when it began amassing the portfolio in 2005.

Last week, Urban American and Brookfield Property Partners hired two banks to finance a $1.04 billion acquisition of almost 4,000 units, formerly known as the Putnam portfolio, as TRD reported.