NEW YORK CITY-Dermot Property Associates has sold a 14-building, 861-apartment portfolio here for a total of $190.5 million, says Cushman & Wakefield, which arranged the sale. A C&W spokesman declined to identify the buyer or buyers; published reports had identified the Great Neck, NY-based Parkoff Organization as the purchaser of 10 of the properties, which range in vintage from circa-1900 to the 1930s, while the other four reportedly went to Douglaston Realty.
All of the buildings, including five in Manhattan, five in the Pelham Parkway neighborhood of the Bronx, and four in Astoria, Queens, are situated near key transportation hubs, employment centers, schools and recreational facilities, C&W says. They include 201 and 207 W. 11th St., 229 E. 12th St. and 71 and 81 Orchard St. in Manhattan; 2131 and 2132 Wallace Ave. and 2146, 2162 and 2182 Barnes Ave. in the Bronx; and 21-80 and 21-81 38th St. and 23-05 and 23-15 30th Ave. in Astoria.
A C&W NY Capital Markets team led by Steve Kohn, Helen Hwang, Mark Ehlinger, Nat Rockett, Karen Wiedenmann, Sujohn Sarkar and Sridhar Vankayala represented Dermot Property Associates, an affiliate of the Dermot Co. “Dermot had assembled a very impressive portfolio of apartment buildings throughout New York City, which attracted substantial interest from private and institutional investors,” Kohn, president of Cushman & Wakefield Equity, Debt & Structured Finance, says in a release.
Last month, GlobeSt.com reported that Dermot Co. and the AFL-CIO Building Investment Trust had broken ground on a development site at 21 West End Ave. The site, which will give rise to a 43-story rental apartment tower, was acquired from Extell Development Co.