Stone Street in contract to buy $86M multifamily portfolio

The nine buildings on UES, Clinton Hill hold 210 apartments
By Rey Mashayekhi and Will Parker | May 23, 2016 01:48PM

Jeffrey Kaye’s Stone Street Properties is in contract to acquire a nine-building multifamily portfolio spread across the Upper East Side and Clinton Hill for $86 million from the Birdoff family, The Real Deal has learned.

The portfolio consists of six buildings on the Upper East Side and three in Brooklyn’s Clinton Hill neighborhood that hold a combined 210 rental apartments, most of which are market-rate units. Family-run real estate investment firm Charles Birdoff & Co. owns all the properties, according to city records.

In addition to holding 131 apartments, the Upper East Side properties – 309 East 75th Street, 351 East 82nd Street, 335 East 65th Street, 484 East 74th Street, 528 East 85th Street and 512 East 81st Street – all stand either five and six stories tall and have six retail units combined.

The three Clinton Hill buildings — at 250 Washington Avenue, 260 Washington Avenue and 309 Washington Avenue – all stand five stories and hold a combined 79 rental units. Two of the nine buildings in the entire portfolio – 512 East 81st Street and 309 Washington Avenue – are elevator properties.

The portfolio comprises most, if not all, of the Birdoff family’s multifamily assets in New York City, sources said. The family also owns a national portfolio of retail assets operated by Midtown-based RD Management, led by president Richard Birdoff.

Birdoff did not return requests for comment, while Stone Street declined to comment on the matter. Andrew Sasson of Eastern Consolidated, which was marketing the portfolio on behalf of the seller, did not return requests for comment.

After divesting many of its New York City assets in the previous few years, Midtown-based Stone Street has delved back into the market in recent months and acquired a number of Manhattan multifamily buildings.

The company purchased two Gramercy Park rental buildings holding a combined 208 units for $123 million in September, and followed that with the acquisition of a 10-story Union Square rental building for nearly $22 million.

And in January, Stone Street closed on a 47-unit Hell’s Kitchen rental property for nearly $24 million.

Hiten Samtani contributed reporting.