The ink’s still drying on one of the largest apartment portfolio sales of the year, but the deal will soon affect hundreds of Brooklyn tenants. As the New York Sun reported in June, New Jersey-based Urban American Management agreed to pay around $250 million to buy close to 2,000 apartments in Brooklyn and Queens from the LeFrak Organization. The sale, dubbed the Kings & Queens portfolio, is just now hitting public records, and it includes at least 774 Brooklyn units in nine buildings. The bulk of those buildings—which fetched $88 million—are in Brownsville, Flatbush and Flatlands. And because the city hasn’t yet recorded the full portfolio sale, the price tag for the Brooklyn buildings could easily top $100 million. Buyer Urban American is a relatively new player on the city’s real estate scene, but it’s recently had a voracious appetite for rental buildings in the five boroughs: In May, the company purchased $940 million worth of Manhattan apartment buildings. If nothing else, the Kings & Queens sale shows that at least one deep-pocketed firm is betting on heavy returns from neighborhoods that haven’t quite succumbed to gentrification’s thrall.

Your building have a new owner? On the jump, a list of the Brooklyn properties Urban American’s already closed on.
Investors Compare Manhattan Buildings With T-Bills [NY Sun]
LeFraks Selling Brooklyn, Queens Portfolio for $250 M [NY Observer]
Harlem Parcels Are Bought for $940 Million [NY Observer]
Property Shark photos by Nicholas Strini

1115 Willmohr Street; Sale Price=$7,445,300 GMAP P*Shark
450 Rockaway Parkway; Sale Price=$8,902,240 GMAP P*Shark
2021 E 41st Street; Sale Price=$5,533,811 GMAP P*Shark
3900 Kings Highway; Sale Price=$9,764,091 GMAP P*Shark
665 New York Avenue; Sale Price=$12,191,307 GMAP P*Shark
4411 Church Avenue; Sale Price=$10,272,474 GMAP P*Shark
1145 E 35th Street; Sale Price=$9,488,737 GMAP P*Shark
333 East 93rd Street; Sale Price=$14,325,700 GMAP P*Shark
3502 Kings Highway; Sale Price=$9,668,930 GMAP P*Shark