Connect with us

Hi, what are you looking for?

Jewish Business News

Real Estate

Fairstead, Galil look to sell 47-building East Harlem portfolio

Once-distressed 1, 200-unit package could sell for up to $400 million: sources

Irvin Langer - Galil

 

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.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.

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

 

READ MORE: Irving Langer

 

101-w23

Irving Langer’s E & M Associates, a privately held New York City residential real estate company, has paid $95 million for the rights to the land underneath a residential apartment building on the More…

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.