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Inside The $357.5M Sale That's Among 2016's Biggest Multifamily Deals


On Dec. 16, Emerald Equity Group acquired the former Dawnay, Day portfolio from Fairstead Capital and E&M Associates for $357.5M, one of the largest multifamily transactions of the year. 

Ariel Property Advisors arranged the sale of the 713k SF portfolio in East Harlem, comprised of 47 buildings encompassing 51 commercial and almost 1,200 residential units. The deal is worth approximately $500/SF or $315k/unit.

Fairstead, a NYC-based multifamily investor and property manager, acquired the portfolio with E&M from a special servicer in 2013 for an undisclosed sum.

Before that, the properties had been owned by Dawnay Day Group, a now-defunct UK investment firm, which bought the portfolio for $225M in 2007.

A team led by Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Michael A. Tortorici (above) represented the sellers, Fairstead and E&M, and procured the buyer, Emerald Equity Group, which is planning to hold the property long term, according to sources.

The financing EEG's Isaac Kassirer received from Brookfield reportedly consists of $275M immediately and another $25M later.

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