NEW YORK CITY—Closing on the sale of a 3,962-unit apartmentportfolio in Manhattan that went under contract in August,Brookfield Property Partners has paid $1 billion for thesix-buildling asset to Urban American and City Investment Fund.Urban American—which maintains its operating status for theportfolio—also retained an equity interest.

Industry sources tell that Brookfield actually putup between $1 billion and $1.1 billion, making the trade one of theyear's largest multifamily deals nationwide. Further, industrymembers say Urban American's remaining equity in the deal is lessthan 50%.

The portfolio consists of three million square feet ofresidential and commercial space and 861 parking spaces across sixManhattan buildings. They are: the Heritage, featuring 600residential units at 110th street and Fifth avenue;Roosevelt Landings, 1,003 units, Roosevelt Island (which is in thejurisdiction of Manhattan); River Crossing, 761 units,102nd street and First avenue; 3333 Broadway, 1,193units, located at Broadway and 133-135th streets, theMiles and the Parker, 405 units, located on Lexington Avenue at117th and 121st streets.

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

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

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.