UPDATED, 4:36 p.m., Nov. 17: Urban American Management’s large “Kings and Queens” apartment portfolio is now in contract for $236 million, as The Real Deal reported earlier today. But the buyer-to-be, Peter Rebenwurzel, is not exactly a household name within the world of New York City real estate.
Analysis based on data from commercial real estate research firm Reonomy, however, shows that Rebenwurzel, who runs Brooklyn-based Coney Realty Group, and his partners have substantial holdings in the borough. Reonomy found that Rebenwurzel’s firm owns at least 1,360 residential rental units in 35 buildings – some of which are walk-ups.
But sources close to the company said Coney Realty Group owns about 5,000 apartments across more than 100 buildings in the city.
The properties are scattered throughout Brooklyn in areas such as Brownsville, Sheepshead Bay, Kensington and Midwood, according to Reonomy. One of the largest buildings Coney Realty Group owns is a six-story, 102,387-square-foot elevator property at 646 Argyle Road in Ditmas Park. Built in 1928, the property also has among the most units, with 129.
Of the buildings cited by Reonomy, two are not in Brooklyn. The five-story properties at 605 and 609 West 177th Street, holding 20 units apiece, are located in Washington Heights.
If the portfolio deal with Urban American closes, Rebenwurzel’s portfolio stands to grow even more. The 1,434-unit package includes 14 Brooklyn properties in Brooklyn and a garden apartment complex in Staten Island.
Rebenwurzel, a Budapest-born investor, serves on the board of the Maimonides Medical Center in Borough Park and as chair of the Raoul Wallenberg Centennial Celebration Commission – a group that successfully rallied for the late namesake Swedish architect in 2012 to receive a Congressional Gold Medal. Coney Realty Group is headquartered at 1499 Coney Island Avenue.
Rebenwurzel could not be immediately reached for comment. A representative said he is out of the country.