Savills Studley Advises on 3,962 Unit Manhattan Apartment Portfolio Transaction
New York, NY (November 24, 2014)
Savills Studley, the USA subsidiary of the global real estate advisor Savills PLC, advised Urban American and City Investment Fund on the sale of a 3,962 unit Manhattan apartment portfolio to Brookfield Property Partners, LP, a leading owner, operator, and investor in best-in-class commercial real estate around the globe. The acquisition reduces leverage while funding planned capital improvements and ongoing unit renovations of the properties. Urban American, which maintains its operating status for the portfolio, also retained an equity interest.
The portfolio is comprised of 3.0 million square feet of residential and commercial area and 861 parking spaces located in six Manhattan apartment communities: The Heritage - 600 Units, located at 110th & Fifth Avenue, Roosevelt Landings - 1,003 Units, located on Roosevelt Island, River Crossing - 761 Units, located at 102nd St & First Avenue, 3333 Broadway - 1,193 Units, located at Broadway & 133-135th Street, the Miles and the Parker - 405 Units, located on Lexington Avenue at & 117th & 121st Streets.
Savills Studley Executive Managing Director Jeffrey Baker led the transaction, capitalizing on the strength of the New York residential market and global demand for Manhattan real estate investments. “This unique real estate portfolio and Savills depth of capital markets expertise and global reach were critical factors in arranging the sale,” noted Baker, a 25 year industry veteran and leader of Savills Studley’s multifamily practice. “This transaction demonstrates investor confidence in the strong fundamentals for the multifamily sector and the availability of capital for premier sponsors.”
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 28 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.
About Urban American
Urban American is a fully integrated owner/operator of multifamily properties in the New York area. Over the past 15 years, Urban has acquired and operated over 18,000 units and has an exceptional track record in the workforce housing sector. For more information, please visit www.urbanamerican.net.