Derby Copeland Capital Buys Four Manhattan Buildings for $60M
By Mark Hallum April 5, 2024 4:34 pm
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Page Management sold a four-building multifamily portfolio in the West Village, Chelsea, and SoHo to Derby Copeland Capital" class="company-link">Derby Copeland Capital for $60.25 million.
The 172-unit portfolio, which Page Management owned for 60 years, includes 236 West 15th Street, 253-255 West 11th Street, 82 Washington Place and 188-192 6th Avenue, according to Avison Young, which brokered the sale.
Avison Young’s James Nelson, David Shalom, Brandon Polakoff, Ryan McGuirl and Alexandra Marolda represented both sides of the deal.
Page Management specializes in residential properties in Manhattan, many of which are prewar buildings. Derby Copeland is a private middle-market investment firm co-founded in 2015 by Jesse Hutcher.
Derby Copeland could not be reached for comment while Page Management did not immediately respond to a request for comment.
The sales follow a tough year for investment sales in New York City with just $21.6 billion spent over the course of 2023, a 41 percent decrease in dollar volume compared to 2022, according to Ariel Property Advisors.
Multifamily sales were cut in half from 2022 to 2023, with the latter seeing $7.4 billion in transactions, a 52 percent decrease from the $15.4 billion recorded in 2022. Approximately $4.3 billion of the 2023 deals were for market-rate buildings, according to Ariel.
Mark Hallum can be reached at mhallum@commercialobserver.com.
