Two real estate investment firms have purchased a suburban apartment complex. This indicates strong interest in New York City’s multi-family housing market despite rising borrowing costs.
Los Bannon’s Corner Street Capital and Drew Popkins High Point Property Group Acquired a 17-unit multifamily portfolio in Brooklyn and Queens from developer Joel Schwartz for $167 million, genuine article I learned.
The 180 unit portfolio spans 173,000 square feet across Williamsburg, Bushwick, Cobble Hill and Ridgewood. It consists of a combination of renovated pre-war structures and properties built from the ground up developed by Schwartz.
JLL’s Brendan Maddigan and Ethan Stanton brokered the transaction.
The majority of the portfolio’s 12 buildings are located in Williamsburg.Among them 99 North 4th Avenue, 540 Driggs Avenue, 183 Ainsley Street, 209 Montrose Avenue, 41 Skillman AvenueWhen 725 Metropolitan Avenue.
The largest single deal to set a city record was Bushwick, acquired by Corner Street and High Point. 58 Palmetto Street $15.6 million.buy a tandem 175-177 Palmetto Street $11.6 million as part of the deal.
Neither Corner Street nor Highpoint had commented by press time.
Bannon founded Corner Street in 2020 after stints at affiliates, Shvo and Chazen Capital Partners, according to Bannon. LinkedIn profile.
high point is Collection of small apartment buildings The company recently put a portfolio of 146 units in 20 buildings in Chelsea, East Village, Cobble Hill and Brooklyn Heights for sale at an asking price of approximately $300 million.
Schwartz got into the real estate business in the early 2000s and over the next decade rode a wave that transformed Williamsburg and the surrounding area.
He has since raised an $85 million bond. Brooklyn multifamily holding goes public Listed on the Tel Aviv Stock Exchange in 2017. Based in Williamsburg, Bedford-Stuyvesant and Bushwick, the 37-building, 304-unit portfolio includes: $326 million at the time.