SAN FRANCISCO—In a deal that valued thesprawling Parkmerced housing development at more than $1.35billion, a group of New York investors, ledby Mark Karasick bought the majorityinterest in San Francisco's Parkmerced from private-equity firmsFortress Investment Group and RockpointGroup LLC.
Karasick was represented in the transaction by OlshanFrome Wolosky LLP Real Estate partner Warren R.Gleicher. The 152-acre rental complex on SanFrancisco's west side recently cleared the final legal hurdles on aplan for a multidecade expansion and upgrade which will increasethe number of units to 8,900 from 3,221.
Karasick is a principal of the 601W Cos., the New York-based ownerof properties including the Prudential Plaza in Chicago, atransaction in which Warren Gleicher also represented Karasick.
According to one report, “the deal marks the latest chapter inthe history of the Parkmerced complex, which has been coveted bynumerous investors over the decades, including Harry Helmsley and apredecessor to J.P. Morgan Chase & Co.”
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