Urban American Sells 15-Property Portfolio for $236M
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Peter Rebenwurzel’s Coney Realty Group and David Malek’s Malek Management have won a four-round bidding war and inked a $236M deal for a 15-property rental portfolio from Urban American, reports Commercial Observer. The portfolio includes 1.5M SF of primarily rent-stabilized multi-family properties, totaling 1,434 units in North Central Brooklyn, South Central Brooklyn (including pictured 2425 Nostrand Ave) and Staten Island. The buildings are 99% occupied and Eastern Consolidated’s Lipa Lieberman, who repped the buyers, says they feel confident they’ll be able to fill all the buildings at full legal rents. The portfolio is part of a larger $251M package Urban American purchased from The LeFrak Organization in 2007. [CO]