Charatan’s BCB Property buys UWS portfolio for $81M

Morningside Heights buildings change hands for first time in 30 years

TRD New York /
Nov.November 25, 2014 08:00 AM

BCB Property Management, the development firm led by Robert Durst’s estranged wife Debrah Lee Charatan and her son Bennat Charatan Berger, acquired a six-building Upper West Side portfolio near Columbia University for $80.75 million, The Real Deal has learned.

The portfolio consists of six rental properties — 500 Cathedral Parkway and West 110th Street; 3143, 3147 and 3149 Broadway; 111 West 104th Street and 242 West 109th Street. Together, they hold 152 apartment units — 97 of them market rate — and six retail spaces that currently have five tenants.

Aventura, Fla.-based investor Arnold Wax owned the buildings for more than 30 years. He put them on the market for $89 million in April, as TRD reported.

Marcus & Millichap’s Marco Lala, Jack Lala and David Raciti represented both sides.

BCB, which specializes in New York multifamily properties, closed last week on the assemblage for more than $600 per square foot. It plans to gut-renovate each of the apartments as they are vacated over time, Lala said.

A representative for BCB declined to comment. In July, the firm sold two Brooklyn buildings to Fred Wilpon’s Sterling Equities and Enterprise Asset Management, as TRD reported.

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