Published On: Wed, Oct 7th, 2015

Oak Tree snags four Brooklyn rental buildings for $60 Million

New Start Development's properties house 149 rent-stabilized units

471-Vanderbilt_80 2-Bergen Oak Tree snags four Brooklyn rental buildings

 

OakTree Management acquired a package of four rent-regulated multifamily buildings across three Brooklyn neighborhoods for a combined $60.2 million, according to property records filed with the city Wednesday.

The rental buildings are located at 471 Vanderbilt Avenue in Clinton Hill, 802 Bergen Street and 597 Grand Avenue in Crown Heights, and 50 Greene Avenue in Fort Greene. Collectively, they span more than 133, 000 square feet and house a combined 149 apartments.

All of the residential units at the properties are rent-stabilized, according to an Oak Tree Management spokesperson who confirmed the transaction. The building at 50 Greene Avenue also features two office units measuring a combined 2, 700 square feet.

Park Slope-based real estate investment firm Oak Tree plans to continue managing the buildings as rent-stabilized residential properties, the spokesman said. Oak Tree closed on the acquisition Oct. 1 from New Start Development, a Crown Heights-based firm led by principal Alfred Thompson. A spokesperson for New Start confirmed the deal.

Read the full story at The Real Deal, by Rey Mashayekhi

 

Oaktree Capital Management specializing in alternative investment strategies.

The global asset management firm co-founded in 1995 by Howard Marks, Bruce Karsh, Steve Kaplan, Larry Keele, Richard Masson, Sheldon Stone.

On April 12, 2012, Oaktree Capital Group LLC became listed on the NYSEOAK

 

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