AREA Property Partners | TRD Research
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AREA Property Partners

60 Columbus Circle, Suite 20
New York, NY 10023
(212) 515-3400

AREA Property Partners was a leading private equity firm. Formerly known as Apollo Global Management, it was acquired by Ares Management LLC in May 2013 under undisclosed terms.

In the 20 years before its acquisition, AREA invested more than $13 billion in more than 570 transactions. Headquartered in Manhattans Time Warner Center, which it co-developed with the Related Companies, AREA was also a partner in major real estate projects and properties in New York City, including huge apartment portfolios in Manhattan and Queens (as well as that Time Warner Center).

Under the Ares acquisition, AREA co-founder and chairman William Mack stepped aside. His son, Richard, AREAs North American CEO, stayed on as a senior adviser to Ares. Lee Neibart, AREAs overall CEO, took on a partner role in Ares real estate group.

  • Event Sales
  • Address 93-35 Lamont Avenue; 32-15 and 32-25 93rd Street; 38-05 Crescent Street; 143-45 Sanford Avenue; 41-46 50th Street; 39-25 65th Street; 39-89 50th Street; 41-45 52nd Street
  • Neighborhood Elmhurst, Woodside, Jackson Heights Sunnyside, Long Island City
  • Borough Manhattan
  • Square feet 403,800
  • Price $ 133,000,000
notes
The portfolio of 10 rent-stabilized multifamily buildings was sold for $133 million.
  • Event Sales
  • Address 139-06 34th Road
  • Neighborhood Flushing
  • Borough Queens
  • Price $ 46,000,000
notes
The portfolio sold for $46 million and included 139-09 34th Road, 102-43 Corona Avenue and 109-05 120th Street.
  • Event Sales
  • Address Queens portfolio
  • Neighborhood Midtown
  • Borough Queens
  • Price $ 68,000,000
  • Event Sales
  • Address 2070 and 2074 Arthur Avenue
  • Neighborhood Tremont
  • Borough Bronx
  • Price $ 4,230,000
  • Event Sales
  • Address 45 West 139th Street
  • Neighborhood Central Harlem
  • Borough Manhattan
  • Price $ 210,000,000
notes
The Savoy Park apartment complex sold for $210 million, Bloomberg News reported. The rent-regulated apartments will remain as affordable housing. AREA Property Partners and Vantage Properties acquired the properties for $175 million in 2006.
  • Event Sales
  • Address Manhattan portfolio
  • Neighborhood SoHo
  • Borough Manhattan
  • Price $ 65,000,000
  • Event Sales
  • Address 233 West 111th Street
  • Neighborhood Central Harlem
  • Borough Manhattan
  • Square feet 78,331
  • Price $ 11,100,000
  • Price per foot $ 141.71
notes
The portfolio sold for $11.1 million, or $142 per square foot. The price represents a capitalization rate of 4.9 percent and a gross rent multiple of 12.9. The properties are located at 201, 203-205, 217 and 233 West 111th Street. The buildings combine for 87 units, including eight studios, 29 one-bedrooms, 24 two-bedrooms and 26 three-bedrooms.
Brooklyn, 11231
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02/01/2014
Click to enlarge An active year for the Upper Manhattan multi-family market was topped off in November by the acquisition of an 84-building portfolio by Click to enlarge An active year for the Upper Manhattan multi-family market was topped off in November by the acquisition of an 84-building portfolio by...