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Harbor Buys $117M Multifamily Property in Crown Heights, Brooklyn

Heritage Equity Partners developers sold their luxury apartment, The Frederick, reflecting how far the neighborhood’s reputation has come in the past three decades.

The Frederick, 564-570 St. Johns Place The Frederick, 564-570 St. Johns Place

NEW YORK CITY—Harbor Group International, a privately-owned real estate investment and management firm, and investor Image Capital, purchased the newly built multifamily apartment building called The Frederick, located at 564-570 St. Johns Place in Crown Heights, Brooklyn. The developers, Toby Moskovitz and Michael Lichtenstein of Heritage Equity Partners, sold the development for $117 million.

Crown Heights historically had not been a neighborhood known for luxury residential developments. Years ago, racial riots in August 1991 created national headlines. In those days, a tense atmosphere not only in Crown Heights but other nearby Brooklyn areas was not enticing developers to build or people to move into the neighborhood. But times have changed.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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