Thats what investors are thinking after acquiring a portfolio of nine well managed apartment buildings that included 35 studios, 80 1 bedrooms, 81 2 bedrooms in two of New York City’s best neighborhoods.
In a deal that brought Stone Street Properties and Arbor Management Acquisition Co together, RD Management’s Richard Birdoff led the $86 million deal in Brooklyns Clinton Hill and the Upper East Side.
As reported on Globestar.com, the buildings were held in one portfolio by RD Mananagement, featuring more than 200 residential units.
In Manhattan, the addresses are 309 E. 75th St., 351 E. 82nd St., 335 E. 65th St., 484 E. 74th St., 528 E. 85th St. and 512 E. 81st St.
All along the same street, the addresses of the Brooklyn properties are 250 Washington Ave., 260 Washington Ave. and 309 Washington Ave. Eastern Consolidated senior director Andrew Sasson and director Tripp Lyons represented the sellers, who owned and managed the buildings for 35 years. Birdoff and Sasson procured the buyers. Gary Meese, senior director, Financial Services, served as the analyst for the offering.
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