The Real Deal New York

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

Barberry Rose acquires Brooklyn apartments, JOE NYC buys in the Bronx
By Christian Bautista | February 19, 2018 02:15PM

Lewis Barbanel and 1193 Eastern Parkway

In the world of mid-market New York City investment sales last week, Barberry Rose Management bought three apartment buildings in Brooklyn and JOE NYC expanded its affordable housing portfolio.

1.) Long Island-based landlord Barberry Rose Management picked up three apartment buildings in the Weeksville neighborhood of Brooklyn for $11.3 million. The properties — located at 1193, 1195 and 1205 Eastern Parkway — are each four-story buildings with a total of 49 units. The seller is Albert Srour, the proprietor of Brooklyn discount department store Fat Albert. Srour bought the properties for $9.7 million in 2015. Barberry, headed by Lewis Barbanel, recently acquired 390 Wadsworth Avenue and 565-571 West 175th Street in Upper Manhattan.

2.) Joint Ownership Entity, a nonprofit also known as JOE NYC, bought six apartment buildings in the Bronx from local developer Adonai Realty Corporation for $14.1 million. JOE NYC, which has financial backing from community groups such as the Bedford Stuyvesant Restoration Corporation and the St. Nick’s Alliance, acquired 1036, 1039 and 1158 Intervale Avenue, 1141 Tiffany Street, 1035 Hall Place and 1118 Southern Boulevard. The portfolio contains 113 apartments and five commercial units. JOE NYC’s holdings in the city include the 95-unit Zora Neale Hurston Houses in Hamilton Heights.