Cedar Park Capital Acquires Eight-Building Greenpoint Portfolio for $27.4M

Cedar Park Capital has acquired an eight-building multifamily portfolio in Greenpoint, Brooklyn, from Black Spruce Management for $27 million. 

The transaction occurred through eight different sales, ranging in price from $2 million to $4 million, according to PincusCo, which first reported the sale.

The addresses of each building in the portfolio are 657 Meeker Avenue, 669 Meeker Avenue, 3 Sutton Street, 5 Sutton Street, 164 Kingsland Avenue, 166 Kingsland Avenue, 667 Meeker Avenue and 661 Meeker Avenue. And Black Spruce pretty much broke even on the deal, as it acquired this portfolio in 2017 for $27 million, according to PincusCo.

Marlon Lerer of Cedar Park Capital signed for the buyer on the contract dated Jan. 30. The signatory for Black Spruce Management was Joshua Gotlib. Cedar Park and Black Spruce did not immediately respond to requests for comment. 

Aaron Jungreis, Ben Khakshoor and Alex Fuchs from Rosewood Realty Group brokered the deal.

“This is fully free market, 71 units, and about 13 commercial spaces,” Fuchs said. “The buyer was very attracted to the location in Greenpoint, the fully free-market aspect — because you don’t get a lot of those these days — and just the bulk of buildings in a great area.” 

Plus, Greenpoint is an increasingly popular neighborhood for residents who have been priced out of Manhattan, Fuchs noted.

“People are just sticking to the Greenpoint, Williamsburg, Clinton Hill, Boerum [and] Cobble Hill [neighborhoods],” he said. “Now more than ever, everyone’s very focused on area, area, area.”

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.