Akelius Swede on Crown Heights, purchases 805 St. Marks Ave for $44M

Akelius, which burst onto the stateside scene last month, has just purchased its fourth property in New York.

The Swedish company shelled out $44 million for 805 St. Marks Avenue in Brooklyn on Tuesday. The 200 unit residential building is the company’s second Crown Heights asset.  Aaron Jungreis and Billy Billitzer of Rosewood Realty Group represented both sides in the deal.

KUNAL CHOTHANI

KUNAL CHOTHANI

The company now owns two properties in Manhattan and two in Brooklyn. They are the only buildings that the company owns in the United States.

“We’re going to continue with our strategy of having a 10-year hold,” Kunal Chothani, regional vice president -New York City Area for Akelius, told Real Estate Weekly.  Chothani said that Akelius is not interested in flipping its recent Big Apple acquisitions but instead has a long term vision for the properties.

“We will not be pursing buyouts,” Chothani added.  He also said that Akelius plans to add significant upgrades to both the interior and exterior of the building.

In April, Akelius  acquired 1153-1159 President Street. They continued expanding their local footprint by snatching up 144-150 Ludlow Street in Manhattan last Tuesday and closing on East 21st Street on Friday.

Tuesday’s deal gives them a four-piece portfolio bookended with Crown Heights properties.

The number will likely stay at four for the time being, as Chothani told Real Estate Weekly that the company may concentrate on their current holdings before acquiring new properties.

“Right now our focus is absolutely on the management of our existing portfolio,” he said.

Crown Heights

Crown Heights

Located in the central portion of Brooklyn, 850 St. Mark’s is within close proximity to transportation options, an amenity which played a large role in Akelius’s decision to purchase it.

Jordan Milewicz, country manager US for the company, commented on why this section of Brooklyn comprises half of Akelius’s entire American portfolio.

“Crown Heights is a strong location with a positive outlook for the future. Its accessibility to Lower Manhattan within 30 minutes by public transport is one of the driving factors for the positive development of the neighborhood. We are therefore proud to have had the opportunity to acquire another property in Crown Heights.”

While Akelius will likely curtail their spending spree, they are still on the look for new talent. Chothani said that the company is aggressively looking to add more staff members to its team in the United States.

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