The Real Deal New York

Sentinel sells Windsor Terrace rental building for $34M

Frey’s Ocean Parkway purchase is part of 1031 exchange with Ocean Avenue sale
By Mark Maurer | February 16, 2018 08:30AM

31 Ocean Parkway and John Streicker

Sentinel Real Estate Corporation sold a nearly 100,000-square-foot rental apartment building in Windsor Terrace to local landlord Frey Management for $33.7 million, sources told The Real Deal.

Frey Management, led by Steven Frey, closed on the purchase earlier this week of the six-story, 83-unit elevator property at 31 Ocean Parkway, sources said. The price came out to just over $400,000 per door.

To close the deal, Frey obtained a $19 million, five-year acquisition loan from New York Community Bank, sources said.

Sentinel, a prominent Midtown-based multifamily player led by chairman John Streicker, saw a sizable windfall from the sale, given it paid only $13 million for the 91,000-square-foot property in 2010, property records.

The firm has been steadily selling off holdings in Upper Manhattan and Brooklyn. In the past year, its sales have included the Fort Riverside portfolio for $101.5 million, a Prospect Park portfolio for $89 million, and a Kensington property for $33 million.

Rosewood Realty Group’s Aaron Jungreis brokered the sale, and Meridian Capital Group’s Joe Taub brokered the financing. Frey, Sentinel and the brokers could not be reached for comment.

The deal is said to serve as a 1031 tax exchange for Frey, which sold a 35-unit rental building at 2197 Ocean Avenue in Madison to men’s clothing manufacturer J. Tepler & Company for $10 million earlier this month. Rosewood’s Jungreis and Michael Guttman brokered that sale as well.

Windsor Terrace has seen few multifamily trades as of late. In one of the area’s bigger deals, Sam Boymelgreen paid more than $600,000 per unit, or $76 million, for 33 Caton Place in 2015.