NEW YORK CITY—Broad Street Development and Crow Holdings have sold a 207-unit, two-building residential portfolio in Gramercy Park for $123 million to Prudential Real Estate Investors. The transaction also included the assumption of existing debt, which was provided by Nationwide Insurance and arranged by HFF. The BSD joint venture originally purchased the mid-rise, loft-style multifamily properties at 210 E. 22nd St. and 220 E. 22nd St. in 2012 for $85 million. The announcement was made by BSD's principals Raymond Chalme and Daniel Blanco.

“The sale of the Gramercy Park portfolio demonstrates our investment strategy of identifying and purchasing high-quality assets, located in superior markets/neighborhoods and then repositioning the properties through a targeted capital improvements campaign,” says BSD principal Raymond Chalme. “In implementing our operational and capital investments, we were able to unlock additional value at the multifamily complex that allowed us to reap expectional returns for our investment partners.”

The Gramercy Park portfolio consists of two, fully-occupied mid-rise buildings, Gramercy West (210 E. 22^nd St.) and Gramercy Central (220 E 22nd St.) between Second and Third Avenues. The properties are mainly comprised of studio and one-bedroom units with multiple floor plans that attract a broad range of tenants. Both buildings are close to the 4, 5, 6, L, N, R, and Q trains, as well as dining, shopping and entertainment..