Sales Beat

Dermot Property Associates Sells 14 Building Portfolio for $190.5M

Dermot Property Associates has sold a portfolio of 14 buildings in Manhattan, the Bronx and Queens for $190.5 million, The Commercial Observer has learned.

Ten of the buildings – five in Manhattan and five in the Bronx – were sold to the Parkoff Organization for $158 million, and the remaining four were sold to Douglaston Realty, said Aaron Jungreis, president of Rosewood Realty Group, who represented the buyers.

The 14 buildings were initially marketed as a package before it was determined that splitting it up was in the best interest of both the buyers and the seller.

201 W 11th St - Front

201 West 11th Street

“The guy in the Bronx and Mahattan didn’t want the Queens buildings, and the guy in Queens didn’t want the Bronx and Manhattan buildings, so it paid to split them up,” Mr. Jungreis said.  “We didn’t have much time to get the deal done before the end of the year and because both the buyers and the seller were very efficient we got this done in record time.”

A Cushman & Wakefield team led by Steve Kohn, Helen Hwang, Mark Ehlinger, Nat Rockett, Karen Wiedenmann, Sujohn Sarkar, and Sridhar Vankayala represented Dermot Property Associates.

“Dermot had assembled a very impressive portfolio of apartment buildings throughout New York City, which attracted substantial interest from private and institutional investors,” said Steve Kohn, president of Cushman & Wakefield Equity, Debt & Structured Finance, in a prepared statement.

The portfolio consists of 861 apartments and 41 retail units.  The Manhattan buildings are located in the West Village, East Village and the Lower East Side, while the five in the Bronx are in the Pelham Parkway neighborhood of the Bronx.  The buildings sold to Douglaston are in Astoria, Queens.

A breakdown of the properties, provided by Cushman & Wakefield, follows:

Manhattan:

201 & 207 West 11th Street – Located in the heart of the West Village between Waverly Place and the intersection of Seventh and Greenwich Avenues. 201 West 11th St. was built in 1920 and 207 West 11th St. was built in 1900. The six-story buildings have a total of 67 residential units and five commercial units.

229 East 12th Street – Located on a quiet tree-lined block between Second and Third Avenues in the East Village. Built in 1920, the seven-story, elevator building has a total of 36 residential units.

71 & 81 Orchard Street – Located between Broome and Grand Streets in the trendy Lower East Side. Built in 1907, the six-story, walk-up buildings have a total of 60 residential units and seven commercial units.

The Bronx:

2131 & 2132 Wallace Avenue – Located in the Pelham Parkway neighborhood of the Bronx at the southeast corner (2131) and southwest corner (2132) of Wallace Avenue and Lydig Avenue. Built in 1929, the six-story, elevator building has a total of 344 residential units and 18 commercial units. The property features several convenient shops and retailers on Lydig Avenue.

2146, 2162 & 2182 Barnes Avenue – Located on the east side of Barnes Avenue between Lydig Avenue and Pelham Parkway south. Built in 1930, the six-story, elevator buildings have a total of 211 residential units.

Astoria

21-80 & 21-81 38th Street – Located in Astoria at the corner of 38th Street and Ditmars Boulevard. The 4-story walk-up buildings, situated across 38th Street from one another, contain 73 residential units and 11 commercial units and were built in 1927.

23-05 & 23-15 30th Avenue – Located in Astoria at the northeast corner of 30th Avenue and 23rd Street. The adjacent 4-story walk-up buildings constructed in 1927 contain 84 residential units.

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