The Parkoff Organization bought three multifamily properties previously owned by President Donald Trump’s brother, Robert.
Parkoff purchased the properties, two in south Brooklyn and one in Jamaica Hills, Queens, for $63 million from Ruby Schron’s Cammeby’s International Group, PincusCo reported. The buildings traded for more than twice what they did 15 years ago, when Cammeby’s purchased them for $30.7 million from Robert Trump.
In total, the properties — at 162-15 Highland Avenue, 8700 25th Avenue and 8635 21st Avenue — comprise 330 apartments.
Friedman-Roth Realty negotiated the deal, with the firm’s Richard Guarino representing Parkoff and Ben Koval working on behalf of Cammeby’s.
The purchase was prompted by a 1031 exchange, which gives owners a break on capital gains taxes if proceeds from a sale are reinvested in a comparable property. Parkoff plans a long-term hold for the property, Guarino said.
The deal comes as New York City’s investment sales market begins to see some action, following a near freeze amid the coronavirus-induced shutdown. Earlier this month, The Real Deal reported that Dalan Management was nearing a record-setting $1.25 billion purchase of a Brooklyn multifamily portfolio.
Cammeby’s, one of the largest landlords in New York City, spearheaded a lobbying effort to counteract last year’s rent law, which disrupted the business model for New York City’s rent-regulated market.
Parkoff, a Long Island-based family firm headed by Adam Parkoff, owns about 4,000 rent-regulated apartments in New York City, and has had its share of controversy over the years.
The firm made headlines in 2017 for allegedly discriminating against black tenants in its Midwood buildings, according to a federal lawsuit. The settlement for the suit included a non-discrimination agreement and Parkoff denied any wrongdoing. The landlord has also been hit with suits alleging abuse of the J-51 tax incentive program.
Earlier this year, landlords like Cammeby’s and Parkoff benefited from an unexpectedly favorable ruling from New York’s highest court, which found that the 2019 rent law could not be applied retroactively to rent overcharge cases, saving landlords from paying years of back rent and damages. [PincusCo] — Georgia Kromrei