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Two MF Buildings Sold in Gramercy

NEW YORK CITY—The properties were purchased by Prudential Real Estate Investors.

By Rayna Katz | Updated on September 25, 2015

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.”

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