David Werner, partner buy giant Deep South portfolio for $500M-plus

Borough Park investor bought 11 building-package from former owner of 5 Times Square

TRD New York /
Aug.August 04, 2017 01:35 PM

Clockwise from left: 3500 Oak Harbor Road in Slidell, LA, 10051 Perimeter Station Drive in Charlotte, NC, 303 Wave Hill in Martinez, GA 2175 Stockwell Road in Bossier City, LA and Allan Rose (Credit: AVR and CUNY TV)

The past and present owners of one of Times Square’s prime office towers just did a half-a-billion-dollar deal far, far away.

Borough Park investor David Werner and the Cohen family’s Carlton Associates acquired an 11-building multifamily portfolio across four states in much of the Bible Belt from Allan Rose’s AVR Realty Company  for $510 million, sources told The Real Deal.

The package contains 3,600 free-market apartments and spans 3.6 million square feet across Louisiana, South Carolina, Tennessee and Georgia. The off-market deal closed Thursday, sources said.

AVR developed many of the communities, such as the Saulet Apartments in New Orleans and River Run in Spartanburg, South Carolina, in the late 2000s, according to its website.

Sources said the buyers might look to develop an additional 200 units at the properties.

Representatives for Werner, AVR and Carlton could not be reached for comment.

A group led by Werner bought the 38-story, 1.2 million-square-foot tower 5 Times Square in Midtown for $1.5 billion from AVR, which had purchased it for $1.2 billion in 2007. Then, last year, RXR Realty took a controlling interest in the tower from the Werner-led group, paying $800 million for a 50 percent stake in the leasehold.

Werner has also repeatedly partnered with Carlton Associates, such as on a $285 million purchase of the land beneath 100 West 57th Street with Rubin Schron in 2014.

Adam Pincus contributed reporting.


Related Articles

arrow_forward_ios
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

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

A&E Real Estate Holdings principal Douglas Eisenberg and the properties along Queens Blvd and 65th Avenue (Credit: The Rego Park 18 Portfolio)

A&E Real Estate buys huge rent-stabilized portfolio at deep discount

Community Renewal CEO RuthAnne Visnauskas and Citywide Support director Dino Panagoulias  NYS Homes (Credit: LinkedIn, iStock)

Landlords lob another lawsuit at new rent law

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

A rendering of  280 Meeker Avenue CW Realty Management CEO Cheskie Weisz (CW Realty Management)

CW Realty to bring mixed-use project to troubled Williamsburg site

arrow_forward_ios