NEW YORK CITY—Brookfield Property Partners has signed a contractto acquire a 3,962-unit portfolio of apartment buildings in UpperManhattan, the company said in a public filing last week. Acquiringthe portfolio would increase the value of its residential holdingsby about a third, according to The Real Deal.
Brookfield did not identify the portfolio by name or give thepurchase price, but this Spring it was reported that the companywas looking to buy the 3,962-unit Putnam portfolio from the NewJersey-based landlord Urban American and other investors for about$1 billion. Sources say the investors include the governmentsponsored home financing company, Fannie Mae.
Brookfield is developing residential units as part of itsManhattan West project in Hudson Yards, and an affiliate has beenin negotiations to carry out a non-eviction condominium conversionat the 11,000-unit Stuyvesant Town and Peter Cooper Village, theReal Deal notes.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
