SAN FRANCISCO—In a deal that valued the sprawling Parkmerced housing development at more than $1.35 billion, a group of New York investors, led by Mark Karasick bought the majority interest in San Francisco's Parkmerced from private-equity firms Fortress Investment Group and Rockpoint Group LLC.
Karasick was represented in the transaction by Olshan Frome Wolosky LLP Real Estate partner Warren R. Gleicher. The 152-acre rental complex on San Francisco's west side recently cleared the final legal hurdles on a plan for a multidecade expansion and upgrade which will increase the number of units to 8,900 from 3,221.
Karasick is a principal of the 601W Cos., the New York-based owner of properties including the Prudential Plaza in Chicago, a transaction in which Warren Gleicher also represented Karasick.
According to one report, “the deal marks the latest chapter in the history of the Parkmerced complex, which has been coveted by numerous investors over the decades, including Harry Helmsley and a predecessor to J.P. Morgan Chase & Co.”
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