Philips International Buys Sheepshead Bay Portfolio


892 East 7th Street.
892 East 7th Street.

Philips International has scooped up five residential rental buildings in the Sheepshead Bay area of Brooklyn from developer Victor Gartenstein for roughly $10 million, with six more properties slated to close this quarter, Michael Pilevsky, the co-president of Philips, told Commercial Observer.

The adresses of the buildings that closed on Jan. 19 are 892 East 7th Street; 2276 Homecrest Avenue; 2362 and 2403 East 13th Street; and 2632 East 21st Street. The remainder of the portfolio includes 3611 Shore Parkway; 2955, 2959 and 2963 Ocean Parkway; and 4641 and 4665 Bedford Avenue.

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Together the 11 buildings have 132 units, Mr. Pilevsky said. There were no brokers involved in the deal. Mr. Pilevsky and Mr. Gartenstein negotiated the deal amongst themselves.

Mr. Gartenstein wasn’t immediately available for comment.