Parkway Realty buys 16-building Staten Island portfolio

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

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
2385 Richmond Avenue in Staten Island (Google Maps)
Bob’s Discount Furniture to open on Staten Island
Bob’s Discount Furniture to open on Staten Island
Dov Hertz and an aerial of 1900 South Avenue in Staten Island (Photos via Adam Pincus; Google Maps)
Dov Hertz picks up Staten Island site for $65M
Dov Hertz picks up Staten Island site for $65M
Richmond County Bank Ballpark (Photo via Google Maps)
Staten Island waterfront redevelopment hits a wall
Staten Island waterfront redevelopment hits a wall
A rendering of the Staten Island Wheel (Rendering via Perkins Eastman)
Developer of the failed New York Wheel sues its contractor … again
Developer of the failed New York Wheel sues its contractor … again
Gov. Andrew Cuomo and City Council member Mark Levine (Getty; City Council)
Parts of Manhattan, Staten Island enter lockdowns, but is it enough?
Parts of Manhattan, Staten Island enter lockdowns, but is it enough?
New York Wheel (S9 Architecture|Perkins Eastman; Pixabay)
Going in circles: Dueling New York Wheel lawsuits emerge
Going in circles: Dueling New York Wheel lawsuits emerge
(iStock)
Petition to overturn indoor dining restrictions squashed by judge
Petition to overturn indoor dining restrictions squashed by judge
The development  site at 2324 Forest Avenue (Google Maps)
Three years after approval, BJ’s Wholesale Club remains unbuilt
Three years after approval, BJ’s Wholesale Club remains unbuilt
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...