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ACP Group purchases.

New York-based American Continental Properties Group (ACP), a real estate investment and development firm, has acquired a portfolio of approximately 1,700 apartments in 19 coop/condo buildings in Manhattan; Forest Hills, Queens; and Great Neck, Long Island.

The apartments are part of the original MacArthur Foundation portfolio of 6,200 units that was acquired by a partnership of The Equitable, Bernard Mendik and Martin Raynes in 1985. The 19 buildings were converted to cooperative and condominium ownership in 1986 and 1987.

In acquiring the apartments, ACP structured a three-way agreement that included the lead lender, The Chase Manhattan Bank, and the current title holders, The Equitable/Mendik.

The apartments ACP has purchased include 1,600 occupied and 100 vacant apartments in Manhattan - in the Lincoln Towers complex on the West Side and nine East Side buildings --and in the Silver Towers building in Forest Hills, Queens, and Great Neck Terrace in Great Neck, Long Island.

With the addition of the MacArthur Foundation portfolio, ACP has acquired a total of 6,000 apartments over the past three years. Other recent acquisitions have been concluded in Seattle, Washington; Houston, Dallas. and Corpus Christi, Texas; Tampa and Naples, Florida; and Albuquerque, New Mexico.
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Title Annotation:American Continental Properties Group
Publication:Real Estate Weekly
Date:May 12, 1993
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