advanced search AREA Property Partners
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.
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- 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
- Publication Date 01/01/2017
- Event Date 11/17/2016
- Party 1 AREA Property Partners
- Party 2 A&E Real Estate Holdings, Benedict Realty Group
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
- Publication Date 07/01/2016
- Event Date 05/15/2016
- Party 1 AREA Property Partners, Vantage Properties
- Party 2 A&E Real Estate Management
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
- Publication Date 09/01/2013
- Event Date 07/18/2013
- Party 1 AREA Property Partners
- Party 2 BRG
- Event Sales
- Address 2070 and 2074 Arthur Avenue
- Neighborhood Tremont
- Borough Bronx
- Price $ 4,230,000
- Publication Date 06/01/2013
- Event Date 04/17/2013
- Party 1 AREA Property Partners
- Party 1 Broker Ronnie Shaban
- Party 2 King Penguin Opportunity Fund LLC
- Event Sales
- Address 45 West 139th Street
- Neighborhood Central Harlem
- Borough Manhattan
- Price $ 210,000,000
- Publication Date 08/01/2012
- Event Date 06/22/2012
- Party 1 AREA Property Partners LP, Vantage Properties LLC
- Party 2 Citigroup, L&M Development Partners
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
- Publication Date 07/01/2012
- Event Date 05/17/2012
- Party 1 Vantage Properties, Area Property Partners
- Party 1 Broker Peter Hauspurg, David Schechtman, Lipa Lieberman
- Party 2 Sentinel Real Estate, Alma Realty, Onex Real Estate Partners
- 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
- Publication Date 02/01/2008
- Event Date 12/23/2007
- Party 1 Vantage Properties, Area Property Partners
- Party 1 Brokerage Massey Knakal Realty Services
- Party 1 Broker Marco Lala, Shimon Shkury
- Party 2 Queens investor
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
AREA PROPERTY PARTNERS, COURT LOFTS RP, LLC
AREA PROPERTY PARTNERS, COURT LOFTS RP, LLC
The sponsor(s) filed plans on 05/14/04 for a condo project at 505 Court...
Queens, 11104
QPI-XXXII LLC
QPI-XXXII LLC
43-39 42nd Street is a 11,760 square foot property built in 1928 in...
Queens, 11104
QPI-XXXII LLC
QPI-XXXII LLC
43-35 42nd Street is a 11,760 square foot property built in 1931 in...
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...