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July 31, 2008

$58 Million, Rent-Stabilized Apartment Portfolio Trades

portfolio-07-2008.jpg
Credit crunch be damned? Maybe: The biggest apartment portfolio sale in Brooklyn in about a year was recently recorded in public records. A firm called Citadel Estates bought a 15-building, 566-apartment package deal for $58.4 million. Most of the properties are in Crown Heights, Flatbush and Midwood, and more than two-thirds of the units are rent-stabilized, by Property Shark's reckoning (full list of buildings on the jump). One of the main guys behind Citadel is Moshe Drizin, who owns the St. George Hotel in Brooklyn Heights.
Photos of three of the buildings from Property Shark.

1. 57 St. Paul's Place/60 Crooke Avenue
2. 1006 East 36th Street
3. 1505 Ocean Avenue
4. 2401 Newkirk Avenue
5. 1110 Flatbush Avenue
6. 350 Eastern Parkway
7. 371 Eastern Parkway
8. 422 Eastern Parkway
9. 1602 Union Street
10. 1608 Union Street
11. 1655 Union Street
12. 2304 Newkirk Avenue
13. 322 Rockaway Parkway
14. 636 East 21st Street
15. 2415 Newkirk Avenue




Posted by Gabby at 10:31 AM | Comments (9)
Categories: Sales

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Comments

in 20 years = Condos

Posted by: bayridgegirl at July 31, 2008 11:20 AM

Bayridgegirl you are 100% incorrect. More like...

in 10 years = Co-ops

When this does occur, I hope that the current residents take advantage of the opportunity to purchase their apartments. They still have time to get their finances in order so that it can happen for them.

Posted by: Chaka at July 31, 2008 11:51 AM

Chaka--why do you say "coops"? The trend today is condo, I think because of the ridiculously high premium on condos in NY that real estate developers have convinced New Yorkers is reasonable? 10%-20%, maybe. 30%-50%? Hah! But, if I were an investor, sure I'd love that kind of return. If he does go condo, I wager that few of the current residents will be able to get their finances THAT much in order.

Has anyone read about how the multitude of foreclosures in the condo market in Florida and elsewhere have really put a crimp in the buildings' ability to be maintained properly, and have also meant that the residents who aren't deadbeats are hit with paying for their buildings scofflaws. In this market, I think a coop could even be a better investment.

Posted by: Minmin at July 31, 2008 12:45 PM

The point may be that you can't convert an occupied rent stabilized apartment building into condos, but you can convert such a building into co-ops, with the occupied retaining their status as rs.

Posted by: Putnamdenizen at July 31, 2008 1:09 PM

LUBABS ROCK.

Posted by: CROWNHEIGHTSER at July 31, 2008 1:19 PM

LUBABS ROCK.

Posted by: CROWNHEIGHTSER at July 31, 2008 1:19 PM

What is involved in getting a huge building (like these) de-stabilized and empty of tenants?

Posted by: bayridgegirl at July 31, 2008 2:56 PM

Hopefully, so much trouble and effort that they won't be bothered for years to come, bayridgegirl. The elderly, disabled, those on fixed incomes and the working poor have to live somewhere. Most of these buildings are in areas no one's cared about in years. Hopefully many can get finances in order to eventually buy into a co-oping of their buildings. It would take a concentrated effort by social service, religious and community groups to help people do what they need to do for the long term benefit of owning their units.

Posted by: Montrose Morris at July 31, 2008 6:04 PM

i hope ur right montrose.but i fear u might be wrong.THIS IS WHATS WRONG WITH BLOOMBERG'S NY TODAY!lets just move the working class out,and make new york into paris.may all these developers along with bloomberg rot in hell.

Posted by: buckfast at July 31, 2008 8:13 PM

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