Madison Realty Capital has sold a four-building multi-family portfolio on West 111th Street to Acuity Capital Partners for $24.25 million.
The institutionally-backed real estate private equity firm bought distressed loans on the four adjacent buildings, totaling 55,000 square feet, for $11.75 million in May 2011 and ended up acquiring the property title at auction in July 2011. Madison Realty Capital then spruced up the properties.
Real Estate and Politics
PRD Realty Corp. has launched a $3 million capital improvement program at the 65,000-square-foot 38 East 29th Street.
Plans for the commercial building, slated for completion this summer, include renovations to the façade and lobby as well as new building entrances and elevators, PRD announced.
A report that appeared in Crain’s yesterday outlines the real estate and tech “heavyweights” who recently contributed to Bill de Blasio’s campaign, based on newly-released records.
Last week, Mr. de Blasio reported almost $50,000 in donations in a single day and on October 26 got more than $33,000, according to the report.
But, Read More
Aaron Jungreis is not a stockbroker on the floor of the New York Stock Exchange. But he looks a lot like one standing behind his desk at his East 29th Street offices.
Two desk phones sit side by side. He talks into the handset of one. The other one rings. An iPhone at arm’s length Read More
When Aaron Jungreis sought a buyer for the Bossert Hotel at 98 Montague Street in Brooklyn Heights last year, a long list of obstacles stacked up.
The off-market deal meant potential buyers had limited access to the site. Complicated zoning meant the Board of Standards and Appeals would be thrown into the mix. And competition Read More
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.
Rosewood Realty Group, a commercial brokerage firm founded in 2007, has closed on the sale of a portfolio of six elevator buildings in the Ditmas Park section of Brooklyn. The sales price achieved for all six was $43 million.