NEW YORK CITY—A group led by RD Management principal Richard Birdoff has sold a nine building portfolio of multifamily buildings across the city for $86 million. The buyer was a partnership between Stone Street Properties and Arbor Management Acquisition Co.
The grouping of buildings includes six buildings with 131 units on the Upper East Side and three buildings with 78 units in the Clinton Hill section of Brooklyn. In Manhattan, the addresses are 309 E. 75th St., 351 E. 82nd St., 335 E. 65th St., 484 E. 74th St., 528 E. 85th St. and 512 E. 81st St.
All along the same street, the addresses of the Brooklyn properties are 250 Washington Ave., 260 Washington Ave. and 309 Washington Ave. Eastern Consolidated senior director Andrew Sasson and director Tripp Lyons represented the sellers, who owned and managed the buildings for 35 years. Birdoff and Sasson procured the buyers. Gary Meese, senior director, Financial Services, served as the analyst for the offering.
The Upper East Side properties consist of one elevator building and five walk ups totaling 67,122 square feet. The unit mix includes six retail units and 125 residential units, of which 22 are studios, 49 are one bedroom apartments, 53 are two bedroom apartments, and one is a three bedroom apartment.
The Clinton Hill properties consist of one elevator building and two walk ups totaling 60,271 square feet. The unit mix includes 78 residential units, of which 13 are studios, 32 are one- bedroom apartments, 19 are two bedroom apartments, 10 are three bedroom apartments, and four are four bedroom apartments.
The offering presented investors with a rare opportunity to acquire a portfolio of nine high-quality apartment buildings located within some of the most highly sought after and desirable neighborhoods in their respective boroughs. The individual buildings within each of the sub-portfolios are located within close proximity of one another, translating to efficient operations.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
The grouping of buildings includes six buildings with 131 units on the Upper East Side and three buildings with 78 units in the Clinton Hill section of Brooklyn. In Manhattan, the addresses are 309 E. 75th St., 351 E. 82nd St., 335 E. 65th St., 484 E. 74th St., 528 E. 85th St. and 512 E. 81st St.
All along the same street, the addresses of the Brooklyn properties are 250 Washington Ave., 260 Washington Ave. and 309 Washington Ave. Eastern Consolidated senior director Andrew Sasson and director Tripp Lyons represented the sellers, who owned and managed the buildings for 35 years. Birdoff and Sasson procured the buyers. Gary Meese, senior director, Financial Services, served as the analyst for the offering.
The Upper East Side properties consist of one elevator building and five walk ups totaling 67,122 square feet. The unit mix includes six retail units and 125 residential units, of which 22 are studios, 49 are one bedroom apartments, 53 are two bedroom apartments, and one is a three bedroom apartment.
The Clinton Hill properties consist of one elevator building and two walk ups totaling 60,271 square feet. The unit mix includes 78 residential units, of which 13 are studios, 32 are one- bedroom apartments, 19 are two bedroom apartments, 10 are three bedroom apartments, and four are four bedroom apartments.
The offering presented investors with a rare opportunity to acquire a portfolio of nine high-quality apartment buildings located within some of the most highly sought after and desirable neighborhoods in their respective boroughs. The individual buildings within each of the sub-portfolios are located within close proximity of one another, translating to efficient operations.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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