NEW YORK CITY — Emerald Equity Group has acquired a portfolio of 47 multifamily buildings from Fairstead Capital and E+M Associates for $357.5 million.
The properties total 712,571 square feet and are located in Manhattan, predominantly within the neighborhood of East Harlem. Fairstead Capital and E+M Associates acquired the portfolio from a special servicer in 2013 for an undisclosed sum.
The portfolio includes 112 E. 103rd St., 411 E. 118th St. and 291 Pleasant Ave. in East Harlem.
British investment firm Dawnay Day owned the portfolio until the properties fell into foreclosure in September 2009, according to reports by The New York Times. The now-defunct firm acquired the properties in 2007 for $225 million.
Brookfield Property Partners (NYSE: BPY) provided nearly $300 million in financing for the acquisition, according to reports by The Real Deal.
A team led by Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Michael Tortorici represented the seller and procured the buyer in the transaction. Mitchell Taras of Sadis & Goldberg provided legal representation to the seller, and Jeffrey Zwick of Jeffrey Zwick & Associates PC provided legal representation to the buyer.
Emerald Equity Group is an investment and management firm specializing in rental apartments in New York City.
The stock price for Brookfield Property Partners closed at $21.90 per share on Monday, Dec. 19, down from $22.22 one year ago.
— Katie Sloan