NEW YORK CITY—Making its largest purchase in Manhattan to date, Emerald Equity Group has acquired the former Dawnay, Day Portfolio for nearly $358 million. Sold by Fairstead Capital and E+M Associates, the East Harlem and Manhattan portfolio is comprised of 47 buildings, totaling 712,571 square feet and 1,181 units.
A team led by Ariel Property Advisors' Victor Sozio, Shimon Shkury and Michael A. Tortorici represented the sellers and procured the buyer. Mitchell Taras of the Sadis & Goldberg provided legal representation to the seller while Jeffrey Zwick of Jeffrey Zwick & Associates provided legal representation to the buyer.
“East Harlem is about to grow exponentially,” declares Shimon Shkury, founder and president of Ariel Property Advisors to GlobeSt.com. “The locations in this portfolio all are an extension of the Upper East Side, where the Second Ave. subway and upcoming Cornell-Technion Institute of Technology on neighboring Roosevelt Island will allow for rent growth.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
