Related wants to be your mom-and-pop Brooklyn landlord

Stephen Ross’ firm buys 10 walk-ups from Silvershore for $39.4M

TRD New York /
Jul.July 20, 2015 02:25 PM

What do the sprawling Manhattan megadevelopment Hudson Yards and the four-story Greenpoint walk-up 141 Meserole Avenue have in common? As of last week, the landlord.

Related Companies bought a portfolio of ten walk-up residential buildings in Brooklyn and Queens from Silvershore Properties for $39.4 million, The Real Deal has learned. The buildings, located in Greenpoint, Crown Heights, Astoria, Long Island City, Clinton Hill and Carroll Gardens, each hold between six and eight units.

Aaron Jungreis of Rosewood Realty Group represented Related in the off-market deal, while his colleague Devin Cohen represented Silvershore. Rosewood couldn’t be reached for comment at short notice. Silvershore declined to comment.

Silvershore bought the properties for a total of $15.6 million over the past three years before renovating them, according to sources. Rents in the portfolio range from $3,300 for a two-bedroom apartment at 141 Meserole Avenue to $3,800 for a four-bedroom unit at 461 Dekalb Avenue in Clinton Hill, according to Streeteasy.

Related, known primarily for its large projects, is now venturing into a market typically occupied by small investment firms and mom-and-pop landlords. A spokesperson for the company said it bought the buildings in partnership with New York City pension funds, and will preserve them as “workforce housing.” In March 2014, Related and the pension funds bought a 35-building Bronx portfolio for $270 million. Apart from its 12.7 million-square-foot Hudson Yards mixed-use development on the Far West Side, Related is also developing a 107-unit rental building at 460 Washington Street in Tribeca.

Silvershore’s recent deals include the sale of the Lower East Side mixed-use building 101 Delancey Street for $17.3 million in Juy 2014.


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
President Donald Trump and Joseph Biden (Getty, iStock)

Real estate donors backing Biden over Trump

Real estate donors backing Biden over Trump
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
Related chairman Stephen Ross with President Donald Trump and Hudson Yards (Photos via Getty Images)

Stephen Ross dishes on Trump, NYC mayoral race

Stephen Ross dishes on Trump, NYC mayoral race
Related chairman Steve Ross and 35 Hudson Yards (Photos via Getty, SOM, MTA)

Hudson Yards pad sells for $7M; cash-strapped MTA gets a cut

Hudson Yards pad sells for $7M; cash-strapped MTA gets a cut
Related CEO Jeff Blau (Blau by Andrew Lichtenstein/Corbis via Getty Images; iStock)

“Little bit of guilt trip”: Jeff Blau joins landlords pushing return to work

“Little bit of guilt trip”: Jeff Blau joins landlords pushing return to work
Jeff Blau and Hudson Yards (Getty, WIkipedia)

Hudson Yards’ EB-5 investors demand arbitration with Related

Hudson Yards’ EB-5 investors demand arbitration with Related
Thomas Keller with Bouchon Bakery and TAK Room in Hudson Yards (Taylor Hill/FilmMagic, Bouchon Bakery by David Escalante via Thomas Keller Restaurant Group; TAK Room by John Lamparski/Getty Images for The Conservatory NYC)

Thomas Keller closing TAK Room, Bouchon Bakery at Hudson Yards

Thomas Keller closing TAK Room, Bouchon Bakery at Hudson Yards
arrow_forward_ios

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

Loading...