Jungreis of Rosewood Realty Group facilitates $97 million portfolio sale in Upper West Side; Jungreis and Billitzer sell 56,700 s/f building for $44.1 million

 

 

Manhattan, NY Rosewood Realty Group closed two transactions totaling $141.1 million: 

• The $97 million sale of a three building multifamily portfolio in the Upper West Side. The buildings consist of three adjacent six-story elevator apartment buildings at 210, 220 and 230 West 107th St. with a total of 180 apartments, spanning 153,786 s/f. The three buildings were all built in 1925 and sold for 15.15 times the current rent roll, at a 4.66% cap rate.

Rosewood’s Aaron Jungreis represented both sides in the deal–buyer, Isaac Kassirer, a Brooklyn investor and the seller, the Orbach Group, a New Jersey-based firm led by investor and Minnesota Timberwolves part-owner. The property is close to Columbia University. 

Meyer Orbach, who acquired the three buildings for $70 million back in 2013, said, “The sale is consistent with his “longterm strategy of selling assets after a holding period” and then reinvesting the funds to grow the firm’s holdings.”

Kassirer, a rising multifamily player in Brooklyn, has several irons in the fire. He is buying 21 Harlem buildings, selling 15 in the Bronx and just closed on the purchase of 838 West End Ave.

• The $44.1 million sale of 1274-1275 Fifth Ave., a six-story rental building east of Central Park at East 109th St. The 56,700 s/f elevator property features 54 apartments that are a mix of market and rent-stabilized tenants. It sold for 24.1 times the current rent roll, at a 2.71% cap rate.

Rosewood’s Billy Billitzer represented the buyer, Akelius Real Estate Management and Jungreis represented the seller, Ofer Yardeni’s Stonehenge Partners. Akelius, led by Kunal Chothani in the area, reportedly paid all cash for the building. They have been targeting heavily rent-stablized buildings in Brooklyn but recently added market-rate units in several Manhattan acquisitions.

In August, Akelius paid about $160 million for two adjacent Chelsea buildings and one in Gramercy. Stonehenge Partners purchased the property in 2003 for $11.9 million. Former NYC mayor (1934-1945) Fiorello LaGuardia, lived in the building’s penthouse just before Gracie Mansion became the official mayoral residence in 1942.