Parkoff picks up portfolio previously owned by Donald Trump’s brother

The 330-unit buy adds to the landlord’s 4,000 apartments in New York City

New York /
Jul.July 29, 2020 02:15 PM
Parkoff Organization's Adam Parkoff and Robert Trump with 8700 25th Avenue in Brooklyn (Google Maps, Getty)

Parkoff Organization’s Adam Parkoff and Robert Trump with 8700 25th Avenue in Brooklyn (Google Maps, Getty)

The Parkoff Organization bought three multifamily properties previously owned by President Donald Trump’s brother, Robert.

Cammeby’s Ruby Schron

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


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
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
Cammeby’s secures $58M loan for 9-story LES resi building
Cammeby’s secures $58M loan for 9-story LES resi building
Cammeby’s secures $58M loan for 9-story LES resi building
Carl Heastie, Andrea Stewart-Cousins and Andrew Cuomo. (Getty)
Lawmakers near deal on $2B in rent relief
Lawmakers near deal on $2B in rent relief
323 East 79th Street with Spruce Capital's Robert Schwartz and Boomerang’s Marco Auteri (Google Maps, Elliman)
Manhattan, Elmhurst notch $83M in mid-market sales
Manhattan, Elmhurst notch $83M in mid-market sales
353 West 115th Street and 70 Prospect Park West (Cignature Realty, Google Maps)
Harlem and Park Slope apartment buildings lead mid-market sales
Harlem and Park Slope apartment buildings lead mid-market sales
Empire Asset Management CEO Jason Pizer and 360 Park Avenue South. (Getty, 360 Park Avenue South)
Midtown South owner offers big test for post-vaccine Manhattan
Midtown South owner offers big test for post-vaccine Manhattan
135 West 29th Street and Kaufman Organization CEO Edward Hart (Google Maps, Kaufman)
Kaufman Org closes on $35M ground lease deal
Kaufman Org closes on $35M ground lease deal
arrow_forward_ios

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

Loading...