J.P. Morgan Community Development Mounting in Massachusetts<\/a><\/p>\nThe portfolio included buildings throughout the Brooklyn neighborhoods of Boerum Hill, Park Slope, Fort Greene, Prospect Heights and Crown Heights. It included a mix of multifamily and mixed-use properties holding market-rate and rent-stabilized residential units, although Alpha said that \u201cmore than 60 percent of the [residential] portfolio\u201d operates at market-rate rents.<\/p>\n
The deal was split into 10 buildings selling for $36 million, and three others going for $9 million. The buyers were not identified.<\/p>\n
Handled entirely off-market, Alpha Realty \u201ccurated a short list of qualified investors whose acquisition criteria aligned perfectly with the portfolio\u2019s profile,\u201d and \u201cpositioned the assets as blue-chip investment opportunities with clear value-add potential,\u201d the company said in a statement to CO.\u00a0<\/p>\n
The sale fulfilled the wishes of the Kupferman family to exit the market and focus their investment strategy toward acquiring larger out-of-state, garden-style complexes.<\/p>\n
\u201cBy selling our Brooklyn holdings, we are upgrading to more units, easier management, and better cash flow,\u201d the seller said in the statement.<\/p>\n
\u201cThe seller was simply fed up with city regulations and the constant battle with housing court,\u201d Mavashev said in the statement. \u201cThis was the last of his holdings in New York City. He wanted out \u2014 quickly and quietly \u2014 and that\u2019s exactly what we delivered.\u201d<\/p>\n
Alpha noted that sales of this type reflect a \u201cbroader market shift,\u201d as the company sees more long-term New York landlords pursuing investment opportunities outside the city.<\/p>\n
\u201cMany long-term owners are choosing to trade density and regulatory headaches for simpler, more scalable investments,\u201d Mavashev said in the statement. \u201cWe\u2019re proud to have helped this family take that next step.\u201d<\/p>\n
Larry Getlen can be reached at lgetlen@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"A long-held portfolio of 13 Brooklyn multifamily buildings, each with no more than 10 apartments, has been sold…\n","protected":false},"author":2,"featured_media":24133,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[15565,98,100,99,2664,15566,15567,9,24,63,15568],"class_list":["post-24132","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-ben-normatov","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-investments-sales","tag-kupferman-family","tag-lev-mavashev-channel","tag-new-york","tag-new-york-city","tag-nyc","tag-portfolio-sale"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/24132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=24132"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/24132\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/24133"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=24132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=24132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=24132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}