The Real Deal New York

Parkway Realty buys 16-building Staten Island portfolio

177-unit rental package in Port Richmond sells for $18M
By Mark Maurer | January 14, 2015 08:30AM

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.