Lehman sells Dunbar Manor in $139M portfolio
Massey Knakal arranges 15-building deal to six buyers
Lehman Brothers has divvied up a $139 million portfolio of Upper Manhattan apartment buildings, including the massive Dunbar Manor, among six buyers, the New York Observer reported.
Massey Knakal Realty Services arranged the sale of the 15 properties, all either on the market because of bankruptcy or foreclosure; the number of units total 1,084. Of the buildings, spread across the Upper West Side and Harlem, the biggest is Dunbar Manor, which covers West 149th and West 150th streets between Seventh and Eighth avenues. Its six buildings consist of 536 residential units and 11 commercial units.
Karl Brumback of Massey Knakal called the Dunbar apartments an “iconic property with a rich history and tremendous potential.” Brumback arranged the sale, along with Robert Shapiro, Josh Lipton, Lev Kimyagarov and Hall Oster, Observer said. There was high demand for the entire portfolio, Brumback told the Observer.
The other 14 properties, holding a combined 537 residential units, are located in Manhattan Valley, Central Harlem and West Harlem. [NYO] — Mark Maurer