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.