Fairstead Capital and Irving Langer’s Galil Management are shopping a once-distressed 47-building East Harlem multifamily portfolio, The Real Deal has learned.
The 1, 181-unit package is best known as the “Dawnay Day portfolio, ” named after the now-defunct British investment firm that owned the buildings for two years until it fell into foreclosure in 2009.
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Sources familiar with the portfolio told TRD said they expect it to sell for approximately $350, 000 per unit, or close to $400 million. If it were to sell at that price, the package would be the priciest New York City multifamily deal of the year so far.
Ariel Property Advisors’ Shimon Shkury and Victor Sozio, who declined to comment, are marketing the package, sources said. The total square footage of the portfolio was not immediately clear.
The addresses include 112-116 East 103rd Street, 233 East 111th Street, 1567 Lexington Avenue, 291 Pleasant Avenue and 411 East 118th Street, property records show.
Read the full story at The Real Deal, by Mark Maurer
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