Manhattan portfolio sells for $940M

A huge portfolio of former Mitchell-Lama properties has traded hands for $940 million, marking the second largest residential portfolio sale in Manhattan history. As The Real Deal first reported, the sale is comprised of nearly 4,000 units–most in Harlem–that were managed by Jerome Belson, who made his fortune in real estate by purchasing Mitchell-Lama properties. City records list the buyer of the properties, including 3333 Broadway–which sold for $280 million and is directly across the street from Columbia University’s expansion footprint–as Urban American Management and City Investment Fund and the seller as Cammeby’s International, which is controlled by uber-landlord Ruby Schron. All of the properties included in the sale were recently taken out of the Mitchell-Lama program, subjecting them to market-rate rents and greatly increasing their investment value. more [NYO]