Parkway Realty buys 16-building Staten Island portfolio

177-unit rental package in Port Richmond sells for $18M

TRD NEW YORK /
Jan.January 14, 2015 08:30 AM

Parkway Realty Group acquired a 16-building portfolio on Staten Island’s North Shore for $17.9 million, The Real Deal has learned.

The portfolio contains 177 garden-style rental apartments in properties located at 150, 165 and 220 Trantor Place in the Port Richmond neighborhood. Of the 177 units, 106 are one-bedrooms and 71 are two-bedrooms.

The Crown Heights-based landlord closed on the properties last week, sources said.

An Ariel Property Advisors team led by Victor Sozio and Shimon Shkury represented the seller — Elie Rieder’s Midtown East-based firm Castle Lanterra Equity — and helped find the buyer.

“Multifamily trades of this size in Staten Island are rare, but based on the response we received to the Trantor Portfolio, demand for this type of product is strong,” Sozio said in a statement provided to TRD. “With the new and exciting Staten Island developments in the works, especially around the Ferry Terminal, we expect this investor interest to grow.”

The package of buildings hit the market in 2009 for $12.2 million. Then, the Praedium Group sold it in 2011 to Castle Lanterra for $11 million, records show.

Parkway is perhaps best known for losing out to Extell Development in its bid for a former Frank Ring building at 20 West 47th Street in 2011, as TRD reported.


Related Articles

arrow_forward_ios
Amazon CEO Jeff Bezos and Staten Island (Credit: Getty Images)

Amazon inks massive lease for Staten Island warehouse

The total dollar value of deals in 2019 dropped 40 percent from the year before to $6.91 billion (Credit: Unsplash)

Multifamily market had its worst year since 2011

221 East 71st Street and 60 East 12th Street (Credit: Google Maps and iStock)

Death march for NYC’s multifamily market continues

SoftBank taps former Sprint CEO to fix WeWork, this borough could house Trump’s presidential library: Daily Digest

SoftBank taps former Sprint CEO to fix WeWork, this borough could house Trump’s presidential library: Daily Digest

Numbers were down across the board (Credit: iStock)

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

From left: Brookfield's Ric Clark, Sears at Staten Island Mall, and Eddie Lampert (Credit: Brookfield; Facebook; Getty Images)

Brookfield’s Staten Island Mall anchor tenant, Sears, is closing up shop

From left: 165 East 66th Street, 110 Bennett Avenue, and 2001-2045 Story Avenue in the Bronx (Credit: CityRealty)

No end in sight: New York’s multifamily market stayed slow in April

A rendering of the New York Wheel (Credit: S9 Architecture | Perkins Eastman)

The New York Wheel is back! Maybe. And it would be smaller.

arrow_forward_ios
Loading...