Cushman & Wakefield arranged the sale of a portfolio of 14 buildings owned by Dermot Property Associates, an affiliate of The Dermot Company, Inc.
The portfolio of 861 apartments and 41 retails units in Manhattan, the Bronx, and Queens, sold for $190.5 million.
“Dermot had assembled a very impressive portfolio of apartment buildings throughout New York City, which attracted substantial interest from private and institutional investors,” said Steve Kohn, president of Cushman & Wakefield Equity, Debt & Structured Finance.
The buildings, which include five in Manhattan — the West Village, East Village and the Lower East Side — five in the Pelham Parkway neighborhood of the Bronx, and four in Astoria, Queens, are all close to transportation hubs, employment centers, schools and recreational facilities.
A Cushman & Wakefield NY Capital Markets team led by Kohn, Helen Hwang, Mark Ehlinger, Nat Rockett, Karen Wiedenmann, Sujohn Sarkar, and Sridhar Vankayala represented Dermot Property Associates.
Ten of the buildings – five in Manhattan and five in the Bronx – were sold to the Parkoff Organization for $158 million, and the remaining four were sold to Douglaston Realty, according to Aaron Jungreis, president of Rosewood Realty Group, who represented the buyers.