By Dan Orlando
Urban American Management is looking to sell a sizeable Brooklyn-centered portfolio and has recruited Eastern Consolidated to market the property.
The 14-building collection is expected to sell for about $200 million and it includes 13 properties in Brooklyn and one on Staten Island.
The grouping wields a total of 1,434 apartments with an average rent just north of $1,200 per unit, according to The Real Deal.
Eastern Consolidated’s CEO Peter Hauspurg, executive managing director David Schechtman, and director Marion Jones will be helping to facilitate the sale.
The portfolio is reportedly generating a net of about $8 million per year for Urban American, who bought the properties for $251 million before the recession in 2007. The package was purchased from the LeFrak Organization and at the time of the sale it included about 700 more apartment units.
The prospective sale would add to a recent trend being displayed by the management company as they have been active sellers as of late.
In March, Urban American unloaded a portfolio in Far Rockaway for $52 million. The package included five multi-family properties and was brokered by Aaron Jungreis of Rosewood Realty Group.
In August, Urban American entered into a contract with Brookfield Property Partners to sell a share of a 4,000-apartment portfolio Upper Manhattan.
Urban American told Real Estate Weekly, “Urban American has owned [the for-sale Brooklyn portfolio] for more than seven years and is exploring next steps. No final decisions have been made.”
Earlier this year, Urban American executive James Eisenberg told the MSN market report on multifamily investment that his firm liked Queens.
“Location, neighborhoods and access are perfect to meet excess demand of popular neighborhoods in both Manhattan and Brooklyn,ˮ he said.
The buildings’ marketing comes as apartment brokers report a plateaux in Brooklyn rents after months of hikes pushed them ahead of Manhattan in some neighborhoods.
