Lefrak Offloads Brooklyn Rent-Stabilized Assets to HF NYC for $34 million
By Andrew Coen June 30, 2026 5:55 pm
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LeFrak has sold four rent-stabilized multifamily properties in southern Brooklyn for $38 million, Commercial Observer has learned.
The developer offloaded more than 300 units in what is known as its Parkway Portfolio in Brooklyn’s Bensonhurst and Midwood neighborhoods to Avi Singer’s HF NYC, sources familiar with the deal told CO.
J.P. Morgan Chase provided a $24.8 million acquisition loan to HF NYC for the purchase of the properties, located at 8301 and 7705 Bay Parkway in Bensonhurst and 1201 and 1640 Ocean Parkway in Midwood, according to Meridian Capital Group, which negotiated the debt.
Meridian arranged the financing with a team led by Ben Himmel and Abe Hirsch.
“We were glad to arrange this financing for HF NYC on a strong, well-located portfolio of rent-stabilized Brooklyn assets,” Himmel, vice president, debt capital markets, said in a statement. “[J.P. Morgan] Chase was highly engaged throughout the process, and our team worked closely with everyone involved to deliver a solution that met the sponsor’s objectives and supports the long-term stability of the portfolio.”
Gary Barnett, chairman and co-CEO of Extell Development, is a personal investor in the deal, according to sources familiar with the transaction.
Lefrak’s sale of the four rent-regulated assets occurred on the heels of New York City’s Rent Guidelines Board voted last week to freeze rents for the first time on one- and two-year leases in rent-stabilized buildings.
Lefrak also sold a 166-unit market-rate multifamily building at 7410 and 7420 Ridge Boulevard in Bay Ridge, Brooklyn, to Singer last year for $24.4 million, CO previously reported.
Lefrak, HF NYC, J.P. Morgan and Barnett did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
