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Vanbarton Group Offers 160 Water Street for Sale
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Josh Gotlib’s Black Spruce Management has struck a deal with
Isaac Chetrit’s AB & Sons to recap half of his firm’s Manhattan multifamily
portfolio.
AB & Sons has paid $200 million for a 50 percent stake
in the 1,800-unit portfolio of workforce-housing buildings that Black Spruce
has accumulated over the past 12 years.
The deal includes 950 units in buildings situated primarily
in Hell’s Kitchen and Morningside Heights.
Gotlib tapped Cushman & Wakefield rainmakers Adam Spies,
Doug Harmon, Adam Doneger, Josh King, Marcella Fasulo, Avery Silverstein and
Michael Collins earlier this year to shop the entire portfolio and offer a 49
to 90 percent stake at a valuation north of $700 million.
214 West 109th Street and Isaac Chetrit (Google Maps)
The Chetrit brothers are using some of their Uniqlo cash to buy a stake in a $400 million apartment portfolio.
Isaac and Eli Chetrit are in contract to acquire a roughly 50 percent interest in a group of Manhattan multifamily buildings owned by Josh Gotlib’s Black Spruce Management for approximately $200 million, sources told The Real Deal.
The recapitalization values the 60-building portfolio at about $400 million, and comes as the city’s investment sales market slowly grinds out a return to normal.
The buildings, located around 49th Street in Hell’s Kitchen and Morningside Heights at the northern edge of Central Park, include over 950 units covering some 640,000 square feet. They’re part of a larger, 1,800-unit portfolio that Black Spruce placed on the market in April with a Cushman & Wakefield team led by Adam Spies and Adam Doneger.
60 Guilders’ Kevin Chisholm, Brookfield’s Ric Clark and 12 Metrotech. (Brookfield, Chisholm ph: Larry Ford)
Brookfield Property Partners is selling an office property in Downtown Brooklyn for $130 million one of the borough’s first big office sales since the start of the pandemic.
A partnership between 60 Guilders and the hedge fund Davidson Kempner is in contract to buy an office condominium at the 12 Metrotech building in Brookfield’s office complex, sources told The Real Deal.
The contract price for the 186,000-square-foot office condo values the property at nearly $700 per square foot giving investors an indication of the current value of Brooklyn commercial real estate as the city recovers from the pandemic.
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