Friday, January 4, 2013

Dermot Property Associates Sells $190.5M Portfolio

Represented by a New York team from Cushman & Wakefield, Dermot Property Associates has sold a 14-building New York-based portfolio for $190.5 million. Dermot Property Associates, an affiliate of The Dermot Co., sold ten of the buildings to the Parkoff Organization for $158 million, with the remaining four sold to Douglaston Realty. The 14 buildings were initially marketed as a package before it was determined that splitting it up was in the best interest of both the buyers and the seller, according to an article from The Commercial Observer.

"The guy in the Bronx and Manhattan didn't want the Queens buildings, and the guy in Queens didn't want the Bronx and Manhattan buildings, so it paid to split them up," said Aaron Jungreis, president of Rosewood Realty Group, who represented the buyers. "We did have much time to get the deal done before the end of the year and because both the buyers and the seller were very efficient we got this done in record time."

A breakdown of the properties, provided by Cushman & Wakefield:

Manhattan:

201 & 207 West 11th Street – Located in the heart of the West Village between Waverly Place and the intersection of Seventh and Greenwich Avenues. 201 West 11th St. was built in 1920 and 207 West 11th St. was built in 1900. The six-story buildings have a total of 67 residential units and five commercial units.

229 East 12th Street – Located on a quiet tree-lined block between Second and Third Avenues in the East Village. Built in 1920, the seven-story, elevator building has a total of 36 residential units.

71 & 81 Orchard Street – Located between Broome and Grand Streets in the trendy Lower East Side. Built in 1907, the six-story, walk-up buildings have a total of 60 residential units and seven commercial units.

The Bronx:

2131 & 2132 Wallace Avenue – Located in the Pelham Parkway neighborhood of the Bronx at the southeast corner (2131) and southwest corner (2132) of Wallace Avenue and Lydig Avenue. Built in 1929, the six-story, elevator building has a total of 344 residential units and 18 commercial units. The property features several convenient shops and retailers on Lydig Avenue.

2146, 2162 & 2182 Barnes Avenue – Located on the east side of Barnes Avenue between Lydig Avenue and Pelham Parkway south. Built in 1930, the six-story, elevator buildings have a total of 211 residential units.

Astoria:

21-80 & 21-81 38th Street – Located in Astoria at the corner of 38th Street and Ditmars Boulevard. The 4-story walk-up buildings, situated across 38th Street from one another, contain 73 residential units and 11 commercial units and were built in 1927.

23-05 & 23-15 30th Avenue – Located in Astoria at the northeast corner of 30th Avenue and 23rd Street. The adjacent 4-story walk-up buildings constructed in 1927 contain 84 residential units.

For more news and information visit Blumberg Capital Partners.

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