Tuesday's announcement by Douglas Elliman and Belmarc means thatDouglas Elliman's multifamily management portfolio will grow toapproximately 300 Manhattan properties and approximately 49,000apartments, up from its current tally of 250 buildings and 44,000units, a spokeswoman tells GlobeSt.com. She declined to discuss theterms of the acquisition. Among the properties are 15 E. 69th St.,870 Fifth Ave. and CitySpire Center at 150 W. 56th St.

|

John Janangelo, long-time President of Bellmarc PropertyManagement, will be joining Douglas Elliman Property Management asan EVP. He'll continue to oversee the affairs of the formerBellmarc managed properties, according to a release.

|

The spokeswomen was unable to provide details about how large ashare of Prudential Douglas Elliman's overall business the propertymanagement arm represents, or whether the parent company ispursuing a long-term strategy to grow this aspect of its business.However, CEO Dottie Herman says in the release that acquiring theBellmarc management portfolio represented "a wonderful opportunity.In addition to strengthening Douglas Elliman, acquiring themanagement of these buildings creates new and excitingopportunities for our affiliated brokerage and mortgagebusinesses." Neil Binder, principal of Bellmarc, says the deal willenable his company to "focus on enhancing its core business ofresidential brokerage."

|

For Gaia, formed a year ago by partners Amir Yerushalmi, DannyFishman and Ken Woolley, the acquisition of Vision Group Managementfits in with its overall investment strategy of acquiringdistressed multifamily properties and bulk purchases of condounits. The eight-year-old Vision will serve as in-house, day-to-daymanager of multifamily properties and condominium units acquired byGaia, while continuing to operate its business of managingindividual condo units for more than 300 investors worldwide.

|

Currently, Vision has over $100 million in income-producingassets under management for individual investors, according to arelease. These include corporate housing units throughoutManhattan, and apartments at Parkchester in the Bronx, GreenpointLofts in Brooklyn and the Journal Square area of Jersey City.

|

Gaia, which repositions and disposes of multifamily propertiesfor the benefit of its investors, expects to sign a contract on a50-unit building on the Upper West Side as well as a 98-unitbuilding in Harlem, the release states. The company is alsonegotiating a $48-million project in Chelsea as well as severalacquisitions in New Jersey and Connecticut.

|

Along with acquiring Vision, Gaia recently co-founded Park RiverProperties, a brokerage company which organizes internationalbuyers into purchase groups for new development condo units. Thecompany has already completed two bulk deals in the city and isnegotiating several others, the release states. Gaia's Visiondivision will manage the Park River units on behalf of theindividual buyers.

|

Yerushalmi, Vision's president and co-founder, is co-founder andmanaging partner of Gaia. Ben Friedman, Vision's other co-founderand its COO for the past eight years, will be joining Gaia as apartner and has been named CEO of Gaia's new Vision division.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.