NEW YORK CITY—The Three Borough Pool, a portfolio of about 1,700 apartments that represented one of the city's largest recent foreclosure proceedings is being sold, according to a recent report in the Wall Street Journal.
The owners of the properties (scattered throughout Brooklyn, northern Manhattan and the Bronx) have sold seven of the portfolio's buildings for about $58 million to Black Spruce Management, the Journal says, citing public records. The seven acquired buildings, all in the Bronx, comprise more than 500 apartments
Normandy Real Estate Partners and Westbrook Partners also have inked deals, subject to approval, to sell the pool's remaining buildings, about 30 total. Those deals include one for seven more that will sell to Black Spruce—five in the Bronx and two in Brooklyn.
Amid concerns of tenant advocates that promised improvements have not been completed, Black Spruce said it was committed to making further improvements.
The portfolio was a high-profile examples of investors purchasing apartments during the real estate boom The Journal noted. Normandy and Westbrook have agreed to establish a $400,000 fund to resolve any additional violations after the portfolio is sold.
Public records show the debt Black Spruce is taking on as it acquires the properties is about $40 million, an amount considered relatively low, for such a large portfolio, the Journal says.
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