(To read more on the multifamily market, click here.)
NEW YORK CITY-A multifamily portfolio has traded in an all-cashtransaction for $118 million. A joint venture of BronsteinProperties LLC and JP Morgan Asset Management bought the BassukPortfolio to gain 943 units in Brooklyn and Queens.
"This portfolio was built up by my grandfather over many yearsand passed along to his five sons," says Richard Bassuk, presidentof the Singer and Bassuk Organization. "Until now we neverconsidered selling the properties, but the dynamics of the currentmarket made the deal very attractive."
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