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Property Markets Group Selling Walk-up Portfolio

NEW YORK CITY-Up to 25 buildings with 477 apartments and 26 stores are being sold, with the proceeds to be reinvested in the local real estate market.

By John Howe | Updated on January 19, 2001

NEW YORK CITY-Last week, the apartment building at 505-507 Columbus Ave. was sold for $6.2 million, the first property of the mid-density residential portfolio that Property Markets Group, located here, is putting on the block. Details of the transaction were not disclosed. As many as 25 buildings with 477 units and 26 stores are being disposed of by PMG, which was formed in the early 1990s through the acquisition of walk-up apartments out of bankruptcy. The proceeds will be reinvested in New York-area real estate.

“We are aggressive developers who seek to recast underdeveloped properties, and our walk-up portfolio now operates near the top of its potential,” says Ziel Feldman, a partner in the firm. “While we are not exiting the residential category, it was the right time to take advantage of the exceptional appreciation our earlier properties have enjoyed,” he notes.

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