Eastern Consolidated’s CEO Peter Hauspurg and Executive Managing Director David Schechtman are marketing a massive portfolio of properties estimated in value at more than $200 million spread out over Brooklyn and Staten Island for Urban American.
The portfolio includes 14 buildings in Brooklyn and one garden apartment complex in Staten Island which combined reportedly bring in a gross income of $21 million annually.
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Eastern has stated that it is rare for a portfolio of this quality and size ever to come to market in New York City and especially rare during a time when abundant debt and equity financing exists. Lenders of all types compete to support new multi-family acquisitions in New York and for this reason, as exclusive agent to ownership, Eastern Consolidated says that it is particularly pleased to have been selected by Urban American to represent it.
Called the Brooklyn & Staten Island Multifamily Portfolio, it comprises 1, 434 rental apartment units over roughly 1.5 million square feet. It has 15 different multifamily rental apartment buildings geographically concentrated in North and South Central Brooklyn and Staten Island.
The North Central Brooklyn sub portfolio is comprised of 7 buildings located in the East Flatbush and Remsen Village neighborhoods and comprised of 634 units and roughly 658, 589 total square feet. That sub portfolio is currently 99.4% leased.
The South Central Brooklyn sub portfolio is comprised of 7 buildings located in the Midwood and Flatlands neighborhoods and has 624 units spread out over approximately 705, 277 square feet of space. It is currently 99% leased.
The Staten Island sub portfolio is comprised of a garden apartment complex located at 2862 Hylan Boulevard in Oakwood, containing 176 units and roughly 145, 488 total square feet. It is currently 96% leased.