TRD Pro: Here are NYC’s top portfolio deals of the quarter
CBRE brokered the top deal despite a slow quarter for portfolio sales
By: Joseph Jungermann
From left: CBRE’s Daniel Kaplan and William Shanahan along with 231 East 76th Street and 340 East 52nd Street (Google Maps, CBRE, LinkedIn/Daniel Kaplan)
The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need.
Not unlike previous years, portfolio deals in New York City during the second quarter were few and far between.
The market, typically driven by multi-family deals, is forced to compete with rising rent rates throughout the city. In June, the average rent in Manhattan peaked around $5,000 thanks to surging mortgage rates across the U.S. driving potential home buyers into the rental sphere.
But for the eager investors looking to cash in on the opportunity of a market swing in the
future, they went for the fences on multi-million dollar deals.
The Real Deal analyzed transactions recorded in NYC’s ACRIS registry between April 1, and June 30 of this year and found several big deals.
Here are the top three:
The top portfolio deal was BlackRock unloading 150 apartment rentals for $78 million in May.
The buyers were Slate Property Group and Fortress Investment Group, who partnered on the deal.
The two buildings involved in the transaction are 231 East 76th Street, which has nearly 90 apartments, and 340 East 52nd Street, which has 60 apartment rentals. Both buildings cover more than 130,000 square feet.
The brokers on the deal are William Shanahan and Daniel Kaplan of CBRE.
The second biggest deal occurred in Staten Island’s South Shore Commons shopping center. Spaces 2925, 2935 and 2965 Veterans Road West were bundled in a $45.6 million sale.
Father and son developers Murray and Dave Berman purchased the portfolio in 2018 and overhauled the space, adding new tenants and securing lucrative lease signings such as Next Level Golf, Sola Salons, Vitalia, Dolce Fantasia, SensationALL Kids, Leaps and Bounds & Luce across its 160,000 square feet of space, according to SILive.com.
James Prendamano of Prendamano Real Estate and Morris Betesh of Meridian Capital Group brokered the deal.
Rounding out the top three, JLL’s Hall Oster, Stephen Palmese, Adam Dietrich, Max Herzog and Marko Kazanjian traded four, multi-family apartments in Brooklyn at 29 Putnam Avenue, 425 Grand Avenue, 435 Grand Avenue and 90 Downing Street.
The 123,000 square feet of residential space in Clinton Hill known as The Clinton Grand portfolio, consists of 125 rental apartments that generate $2.6 million in gross rents of under-market value with a J-51 tax abatement, according to JLL.