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

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

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
 Jeff Blau and One Ocean (Getty)
Related Cos. CEO Jeff Blau sells Miami Beach condo
Related Cos. CEO Jeff Blau sells Miami Beach condo
Phillips Point office towers with Related's Stephen Ross (JLL, Getty)
Related makes big bet on South Florida office market
Related makes big bet on South Florida office market
Clockwise from left: Richard LeFrak, Related chairman Stephen Ross, A&E's Douglas Eisenberg, Cammeby’s International Group founder Rubin Schron and Blackstone president Jonathan Gray (Getty, iStock)
These are NYC’s largest rental landlords of 2020
These are NYC’s largest rental landlords of 2020
Renderings of the "city within a city" concept outside central London. (Brent Cross Town)
Related is all in on “15-minute city” in London
Related is all in on “15-minute city” in London
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)
Related to buy Section 8 buildings for $435M
Related to buy Section 8 buildings for $435M
Related's Steve Ross and 1 Union Square South (Getty, Google Maps)
MKF Realty set to close on Related’s Union Square high-rise for $200M
MKF Realty set to close on Related’s Union Square high-rise for $200M
Related chairman Stephen Ross (Getty; iStock; Health Pass) 
Related, Cushman & Wakefield use new app to screen workers for Covid
Related, Cushman & Wakefield use new app to screen workers for Covid
arrow_forward_ios

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

Loading...