SAN FRANCISCO—In a deal that valued the sprawling Parkmerced housing development at more than $1.35 billion, a group of New York investors, led by Mark Karasick bought the majority interest in San Francisco’s Parkmerced from private-equity firms Fortress Investment Group and Rockpoint Group LLC.

Karasick was represented in the transaction by Olshan Frome Wolosky LLP Real Estate partner Warren R. Gleicher. The 152-acre rental complex on San Francisco’s west side recently cleared the final legal hurdles on a plan for a multidecade expansion and upgrade which will increase the number of units to 8,900 from 3,221. Karasick is a principal of the 601W Cos., the New York-based owner of properties including the Prudential Plaza in Chicago, a transaction in which Warren Gleicher also represented Karasick.

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