Parkoff Organization closes on 6-building multifamily portfolio

Nearly all units in the portfolio are rent-stabilized

Jan.January 17, 2019 04:05 PM

Adam Parkoff and a map of the six properties in the portfolio

The Parkoff Organization has closed on a deal to buy five multifamily buildings in Brooklyn and one in Queens from Morris Weintraub Associates.

The deeds for five of the six properties were recorded with the city on Thursday. No transaction has been recorded for the sixth, a 60-unit apartment building at 150 74th Street in Bay Ridge, but Parkoff’s name appears on associated mortgage documents recorded last week. Representatives for Parkoff and Weintraub could not be immediately reached for comment.

Map of the six properties in the portfolio

Long Island-based Parkoff entered contract to buy the six properties last October for $115 million. The five recorded transactions total $96 million, while the unrecorded Bay Ridge property is likely to have traded for around $19 million.

The largest property in the portfolio is the 107-unit 1701 West 3rd Street in Gravesend, which sold for $28 million.

Three of the other buildings are in the adjacent neighborhood of Midwood: the 66-unit 1561 East 13th Street ($18 million), the 60-unit 2016 Avenue N ($15.8 million) and the 65-unit 900 Avenue H ($17.8 million).

The sole Queens property is the 66-unit 175-27 Wexford Terrace in Jamaica Estates, for which Parkoff paid $16.3 million.

The buildings were built in the 1930s and ’40s and had been in the Weintraub family since the late 1960s. Roughly 97 percent of the 424 units are rent stabilized according to public records.

A Marcus & Millichap team marketed the portfolio on behalf of Weintraub and negotiated both sides of the deal, TRD previously reported.

Related Articles

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

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”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Michael Gianaris (NY Senate, iStock)

Gianaris proposes relief bill for renters and landlords, but not banks

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth