Vanbarton takes small loss on $75M sale of Windsor Terrace rental building

Dermot Company has purchased the Kestrel, a 126-unit property at 33 Caton Place

TRD New York /
Oct.October 29, 2018 04:00 PM

From left: Dermot Company CEO Stephen Benjamin, 33 Caton Place, and Vanbarton Group’s Gary Tischler (Credit: CityRealty and Dermot Company)

The Dermot Company has purchased a 126-unit multifamily building in Windsor Terrace for about $75 million, according to property records and sources familiar with the deal.

The building is known at the Kestrel and is located at 33 Caton Place. Dermot is funding the deal with a $45 million loan from MetLife.

Apartments range from studios to three-bedrooms and average about 844 square feet, and amenities include a fitness center, pet spa and roof deck.

Dermot Company CEO Stephen Benjamin said this was his company’s first acquisition in Windsor Terrace, and they were very excited to be in the growing neighborhood. They do not plan to change the eight-story property very much.

“We’re just going to freshen up the building a little bit more in the amenities area,” he said, “but we’re largely keeping it just the way it is.”

Dermot purchased the building from the Vanbarton Group, which bought it in 2015 for about $75.9 million, according to property records.

An HFF team including Andrew Scandalios, Jeffrey Julien, Rob Hinckley, Steven Klein and Geoff Goldstein, along with a Savills Studley team including David Krantz and Paul Leibowitz, worked on the deal.

This is the third major sale in Windsor Terrace so far this year. The Carlyle Group bought 72 Caton Place from JEMB Realty in the spring for $23 million, and Sentinel Real Estate Corporation sold a roughly 100,000-square-foot rental building at 31 Ocean Parkway to local landlord Frey Management in the winter for $33.7 million.


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

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”

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

New York’s multifamily market had its slowest first half of the year since 2011
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
Equity Residential chairman Sam Zell and CEO Mark Parrell (right) (Getty, iStock)

Sam Zell’s Equity Residential sees profits drop 15%

Sam Zell’s Equity Residential sees profits drop 15%
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...