NEW YORK CITY—The Three Borough Pool, a portfolio of about 1,700 apartments that represented one of the city's largest recent foreclosure proceedings is being sold, according to a recent report in the Wall Street Journal.
The owners of the properties (scattered throughout Brooklyn, northern Manhattan and the Bronx) have sold seven of the portfolio's buildings for about $58 million to Black Spruce Management, the Journal says, citing public records. The seven acquired buildings, all in the Bronx, comprise more than 500 apartments
Normandy Real Estate Partners and Westbrook Partners also have inked deals, subject to approval, to sell the pool's remaining buildings, about 30 total. Those deals include one for seven more that will sell to Black Spruce—five in the Bronx and two in Brooklyn.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
