Oak Tree snags four Brooklyn rental buildings for $60M

New Start Development's properties house 149 rent-stabilized units

TRD New York /
Oct.October 07, 2015 11:30 AM

Oak Tree Management acquired a package of four rent-regulated multifamily buildings across three Brooklyn neighborhoods for a combined $60.2 million, according to property records filed with the city Wednesday.

The rental buildings are located at 471 Vanderbilt Avenue in Clinton Hill, 802 Bergen Street and 597 Grand Avenue in Crown Heights, And 50 Greene Avenue in Fort Greene. Collectively, they span more than 133,000 square feet and house a combined 149 apartments.

All of the residential units at the properties are rent-stabilized, according to an Oak Tree Management spokesperson who confirmed the transaction. The building at 50 Greene Avenue also features two office units measuring a combined 2,700 square feet.

Park Slope-based real estate investment firm Oak Tree plans to continue managing the buildings as rent-stabilized residential properties, the spokesman said. Oak Tree closed on the acquisition Oct. 1 from New Start Development, a Crown Heights-based firm led by principal Alfred Thompson. A spokesperson for New Start confirmed the deal.

One-bedroom apartments in Fort Greene averaged $2,889 per month in August, while one-bedrooms in Clinton Hill averaged $2,474 per month and those in Crown Heights averaged $2,002 per month, according to the latest data from residential brokerage MNS.

Inception Investors and NorthEnd Equities recently picked up a nine-building multifamily portfolio spread throughout Brooklyn for $26.3 million, as The Real Deal reported.


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Freddie Mac of Debby Jenkins (Freddit Mac, Getty)

Freddie Mac extends multifamily loan forbearance relief to landlords

Freddie Mac extends multifamily loan forbearance relief to landlords
Joseph Strasburg (Photo by Jeffersons Siegel)

Landlord leader opens up on rent law

Landlord leader opens up on rent law
Adam Pincus

Inside the legal strategy to topple New York’s rent law

Inside the legal strategy to topple New York’s rent law
arrow_forward_ios

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

Loading...