More Urban American Buildings Trade
Carl Gaines April 27, 2012, 12:31 p.m.
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.
The properties were sold on behalf of Skyline NYC LLC, a holding company for real estate investment company Urban American Management, according to Rosewood Realty Group president Aaron Jungreis. Rosewood represented both the buyer and seller in the off market deal.
The six buildings make for a total of 376 units. Those Ditmas Park locations include 75-91 Hawthorne Street, 2015-2027 Foster Avenue, 2101 Bedford Avenue, 1-17 St. Paul’s Court, 194-210 East 18th Street and 350 East 19th Street.
“The owner had it for about eight years and had worked the building a bit but there was still upside,” Mr. Jungreis said. He added that the portfolio traded for about a five cap. Business at Rosewood is booming—Mr. Jungreis was represented Sol Kopelowitz in an earlier deal The Commercial Observer reported on when he bought a portfolio of three Brooklyn buildings from Urban American Management.
“I can’t begin to tell you how busy it is,” Mr. Jungreis said. “I’m doing now on average two to three deals a week.” He estimated, at the current rate, that his 2012 deal volume might top 100—a figure he hasn’t hit since starting Rosewood in 2007—as past clients return.
“Maybe I did a decent job—they’re calling me to sell it again,” he explained. “It’s just exponentially increasing and I can’t even keep up with it.”