Here’s what the $10M-$20M NYC investment sales market looked like last week

Barberry Rose buys in Fort George

New York /
Sep.September 25, 2017 02:10 PM

UPDATED, Sep. 27, 2:47 p.m.: In the world of mid-market New York City investment sales last week, Barberry Rose Management bought a rental property in Fort George for $12.5 million and a Midwood building tied to a discrimination lawsuit sold for $17.5 million.

1.) Lewis Barbanel’s Barberry Rose Management expanded its Upper Manhattan holdings with a $12.5 million purchase of a multifamily building in Fort George. The seller of the rent-regulated building at 390 Wadsworth Avenue was Larry Hirschfield’s ELH Management. The price for the 42-unit building works out to just under $300,000 per unit. Barberry rose bought a 363-unit portfolio in Inwood for $64 million in 2016, and acquired two more buildings in the area from Pinnacle Group in June. GFI Realty represented both the buyer and the seller in the transaction.

2.) A Midwood building that was the subject of a discrimination investigation sold for $17.5 million, a few months after the case settled. The Fair Housing Justice Center sued the owners of the 61-unit building at 1695 East 21st Street, Robert and Martin Rankell, for a pattern of discrimination against African​-American renters, who were given different information than white renters. The case settled in July, and the Rankells, who denied the allegations, agreed to institute reforms. The buyer is S. Antonio Realty LLC and the deed was signed by Giovanni DiMaggio.

Correction: an earlier version of this post misspelled ELH Management.


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