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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.