The Real Deal New York

Black Spruce sells Flatbush property to Parkway for $27M

Building goes for $250K per unit, among the highest in the area
By Claire Moses | April 09, 2015 03:00PM

Black Spruce Management, a Midtown-based investment firm led by Josh Gotlib, sold a seven-story Flatbush rental building at 520 East 21st Street for $26.5 million, The Real Deal has learned.

Parkway Realty Group bought the building, which includes more than 100 residential units across roughly 103,000 square feet of residential space. Parkway also owns the neighboring property.

Rosewood Realty Group’s Aaron Jungreis represented both sides in the off-market transaction. Jungreis declined to comment.

Black Spruce bought the building in 2013 for $15 million, property records show.

The price comes down to $250,000 per apartment, which is the third highest per-unit sales price in the area in the past year, according to Jonathan Miller of Miller Samuel Real Estate. In the entire borough, Miller added, there were 23 properties in 2014 that traded for more than $250,000 per unit.

“Clearly,” Miller said, “this is pushing the envelope in Flatbush.”

Last week, Black Spruce bought seven Bronx properties that are part of a 42-building portfolio owned by Westbrook Partners and Normandy Real Estate for a combined $58 million.