Bassuk family sells residential portfolio for $118m.Reflecting the growing demand among investors for rental apartment buildings in New York's outer boroughs, Massey Knakal Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Services, acting on an exclusive basis, has sold the Bassuk Portfolio, 14 apartment buildings in both Brooklyn and Queens, for $118 million. "This portfolio was built up by my grandfather over many years and passed along to his five sons," said Richard Bassuk, president of The Singer and Bassuk Organization (SBO SBO specified bovine offal. ), who initiated and directed the sale on behalf of the Bassuk family. "Until now we never considered selling the properties, but the dynamics of the current market made the deal very attractive." The deal reflects the growing interest by developers and investors in the rental building market that has spread from Manhattan to the outer boroughs. "Investors see an enormous opportunity in the boroughs outside Manhattan because they see substantial upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar ," Bassuk said. With housing in great demand and short supply, he said investors see opportunities to raise rents in the near term and convert rentals to ownership units over the long term. The five buildings in Brooklyn are located in the Brooklyn Heights, Bay Ridge and Midwood sections of the borough. The properties consist of 240 residential units and approximately 271,000 gross square feet. The nine buildings in Queens are located in the Sunnyside, Jackson Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. Heights, Richmond Hill Richmond Hill may refer to: Places:
The Bassuk family has owned and managed the 943 apartments for many decades. The $118 million Brooklyn and Queens transaction occurred at a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of approximately 1%. "Selling was never before considered an option, but in the current market where ownership of residential properties is transferring at extremely low cap rates and high gross rent multiples, a sale became viable," said Massey Knakal partner Brian Leary, who was retained exclusively to sell the portfolio with a team led by broker Brian Sarath and founding partners Robert Knakal and Paul Massey. The properties were purchased by a joint venture between Bronstein Properties LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and JP Morgan Asset Management. |
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