Chetrits Buy Stake in Manhattan Multifamily Portfolio for $200M
By Nicholas Rizzi July 28, 2021 11:33 am
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Isaac and Eli Chetrit dropped $200 million for a stake in a 60-building multifamily portfolio in Manhattan, sources confirmed to Commercial Observer.
The Chetrits’ AB & Sons bought an approximately 50 percent stake in Black Spruce Management’s portfolio that runs throughout Hell’s Kitchen and Morningside Heights, The Real Deal first reported. It consists of 950 apartments in buildings that include 214 West 109th Street, and the deal values the portfolio at $400 million, the source said.
The portfolio is part of a 97-building, 1,800-unit collection of workforce housing buildings in Upper Manhattan that Black Spruce put on the market in April for $700 to $750 million, which was being marketing by Cushman & Wakefield’s Adam Spies, Adam Doneger, Doug Harmon, Marcella Fasulo, Michael Collins, Avery Silverstein and Josh King, TRD reported. The C&W brokers did not immediately respond to a request for comment.
The deal comes months after AB & Sons sold 546 Broadway to Uniqlo for between $160 and $200 million, part of a growing number of retailers that have bought buildings during the coronavirus pandemic.
Representatives from Black Spruce and AB & Sons did not immediately respond to requests for comment.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
