Davean Holdings, Meadow Partners buy 12 properties in Manhattan and Brooklyn

Separate deals followed by $51M in financing from Fortress Investment Group

New York /
Dec.December 17, 2021 09:30 AM
The Noble St. property and Davean Holdings’ David Lloyd and Sean Lefkovits (Davean, Google Maps)

The Noble St. property and Davean Holdings’ David Lloyd and Sean Lefkovits (Davean, Google Maps)

Davean Holdings and Meadow Partners bought 12 free-market buildings in Manhattan and Brooklyn for $58 million in separate, all-cash deals — the latest sign that investors are betting again on New York City.

The New York-based firms purchased the small, mixed-use properties from a variety of sellers. After closing on the purchases, the group secured $50.5 million in cross-collateralized financing from Fortress Investment Group.

David Lloyd, the co-founder of Davean Holdings, said his company has been able to buy from institutional and mom-and-pop landlords. In the most recent deal, the firm acquired all the properties as one-offs rather than as a portfolio.

“Big picture, we are bullish on New York,” said Lloyd, who said his existing portfolio is 100 percent leased.

The Brooklyn properties include 143 Noble Street, 420 Seventh Avenue, 426 Seventh Avenue, 428 Seventh Avenue, 368 Court Street, 475 Sixth Avenue, 1501 Eighth Avenue and 159 Newel Street. In Manhattan, the properties are at: 231 Sullivan Street, 235 Sullivan Street, 164 First Avenue and 53-55 Stone Street.

Walker & Dunlop’s Adam Schwartz and Mo Beler brokered the financing.

Davean Holdings, which Lloyd co-founded with Sean Lefkovits in 2017, has a portfolio worth north of $230 million. Meadow Partners, a real estate investment firm, is Davean’s equity partner in the 12-property acquisition.

New York City deals slowed at the beginning of the pandemic, but investors are returning to the market. With rents returning to pre-pandemic levels, many are focused on multifamily. This month, Adam Mermelstein’s Treetop Development bought 13 apartment buildings in Brooklyn for $76 million, the company’s first investment in New York after a hiatus in dealmaking.





    Related Articles

    arrow_forward_ios
    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
    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”
    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
    New York’s multifamily market had its slowest first half of the year since 2011
    Latest fintech unicorn offers credit-score boost to renters
    Latest fintech unicorn offers credit-score boost to renters
    Latest fintech unicorn offers credit-score boost to renters
    Jonathon Yormak,founder, managing principal, East End Capital; and map of 48-02 48th Avenue in Sunnyside Queens (East End Capital, Google Maps)
    East End Capital bets on Sunnyside industrial
    East End Capital bets on Sunnyside industrial
    John Gilbert (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Rudin COO and tech chief John Gilbert to step down
    Rudin COO and tech chief John Gilbert to step down
    Craig Solomon, ceo, Square Mile Capital (iStock)
    Square Mile issued record $3.1B of loans fueled by multifamily, life sciences
    Square Mile issued record $3.1B of loans fueled by multifamily, life sciences
    TENNY Policy Director Martha Star and New York City Comptroller Brad Lander (NYU Wagner, New York City Comptroller)
    Last Stand: Property tax reformers recruit Lander to lawsuit
    Last Stand: Property tax reformers recruit Lander to lawsuit
    arrow_forward_ios

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

    Loading...