Stephen Ross’ Related Cos has snatched up another outer-borough porfolio.
Related Fund Management has acquired four contiguous, five-story walk-up buildings from BCB Property Management for $30M in cash ($570/SF). The Prospect Heights properties, 315-329 Lincoln Place (pictured), total 55k SF across 48 rent-stabilized and free-market apartments, The Real Deal reports.
Related partnered with NYC pension funds on the acquisition to preserve workforce housing. In June, Ross’ firm acquired a 444-unit Section 8 complex in Astoria, and recently released plans to develop two new buildings while keeping rents below-market.
Debrah Lee Charatan’s BCB acquired the properties for $12.8M in 2014 and added a fifth floor to all four buildings. The firm was repped by Cushman & Wakefield’s Stephen Palmese, and has hired C&W to market six other buildings in Manhattan. [TRD]
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