The Real Deal New York

Multifamily investor Iris Holdings buys Maimonides’ Brooklyn portfolio for $68M

Marc Blumenfrucht-led firm bought 8 properties in Borough Park
By Eddie Small | December 10, 2018 03:35PM

From left: 864 49th Street, 902, 914 and 926 47th Street, and 1016 50th Street in Brooklyn

Maimonides Medical Center has sold eight of its buildings in Borough Park to Marc Blumenfrucht Iris Holdings for about $68 million, according to property records.

TPG Real Estate Finance Trust provided $67.5 million in financing for Iris Holdings for the deal. The properties are addressed at 864 49th Street, 983 and 1005 46th Street, 5001 10th Avenue, 1016 50th Street and 902, 914 and 926 47th Street. They are mostly vacant multifamily buildings with 295 apartment units across about 263,000 square feet.

A CBRE team of Elli Klapper, Charles Berger, Richard Karson and Jay Gelbtuch brokered the deal, and a Meridian Capital Group team of Ronnie Levine, Isaac Filler and Thomas Wayda negotiated the financing.

Iris Holdings focuses largely on mid-market deals. Its recent transactions include buying a five-building portfolio in Bedford-Stuyvesant for $15 million and an 84-unit building at 26-49 96th Street in East Elmhurst for $10.2 million.