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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.
SL Green sells share of News Building for $790M rew-online.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rew-online.com Daily Mail and Mail on Sunday newspapers.