The Real Deal New York

Jack Parker puts massive multifamily portfolio on the market

The 2,000-unit package includes Parker Towers complex in Queens
By Adam Pincus and Mark Maurer | March 02, 2018 06:18PM

Steven Pipes, Parker Towers in Queens, the Biltmore rental building in Midtown and Truffles Tribeca (Credit: Google Maps, Jack Parker Corporation, F6S)

The Jack Parker Corporation is putting the majority of its New York City holdings on the market, The Real Deal has learned.

The massive multifamily portfolio consists of Parker Towers, a three-building, 1,327-unit complex in Queens’ Forest Hills neighborhood; the 291-unit high-end rental building Truffles Tribeca; and the 464-unit Midtown rental tower the Biltmore.

The properties could be sold separately or as one 2,082-unit package, sources said. It was not immediately clear what the properties could sell for.

The family-owned company, founded in 1955 and today led by president Steven Pipes, has developed more than 15,000 apartments in the U.S., largely in New York City and Florida. Jack Parker himself, the company’s founder, died in 2007.

Parker Towers at 104-20 Queens Boulevard, which property records show the firm developed in 1960, spans 1.7 million square feet. Roughly 70 percent of the units are free market, according to sources.

Parker hired a Newmark Knight Frank team led by Jimmy Kuhn to market the package for sale, sources said. Neither Parker nor a representative for Newmark immediately responded to requests for comment.

Active buyers of large residential assets include Blackstone Group, A&E Real Estate Holdings, Fairstead Capital, Vanbarton Group, Treetop Development, Akelius Real Estate Management and Emerald Equity Group. There are also firms known for converting existing buildings to condominiums, such as Macklowe Properties and CIM Group.

Parker also owns Le Parker Meridien, a 40-story, 729-unit hotel on West 56th Street, that it has previously tried to sell. That hotel is not part of this package, though it was not immediately clear if that property is still being marketed by Eastdil Secured, which received the listing in 2016.