The Real Deal New York

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
By Eddie Small | October 29, 2018 04:00PM

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.