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New York's Second-Biggest Multifamily Portfolio Listing Ever Is Up For Sale

WASHINGTON DC 06.15.2017

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New York's Second-Biggest Multifamily Portfolio Listing Ever Is Up For Sale
Brooklyn

The second-biggest portfolio of multifamily buildings ever offered in New York City has been put up for sale, according to Cushman & Wakefield.

Silvershore Properties is looking to sell 57 buildings totaling over 430K SF, all in Brooklyn. The owner has picked C&W to broker the sale, marketed as The Brooklyn Legacy Portfolio.

The 57 properties include 283 Albany Ave. and 808 Prospect Place in Crown Heights, 488 Metropolitan Ave. in Williamsburg, 5416 and 5422 Fourth Ave. in Sunset Park and 219 13th St. in Park Slope. Other properties in the portfolio are in such neighborhoods as Bushwick, Carroll Gardens, Bedford-Stuyvesant, and Borough Park.

The announcement characterized them as offering value-add upside. The Cushman & Wakefield brokerage team is made up of Bob Knakal, Stephen Palmese, Jonathan Hageman, DJ Johnston, Michael Mazzara, James Berluti and Charlotte Myers.

The portfolio sale, if it trades this year, could give a jolt to a multifamily investment market that has staggered out of the gates in 2017, with the lowest dollar volume in sales since 2014.