163 – 171 Morningside Ave. are part of the Harlem Ensemble/ Image credit: Google Maps
NEW YORK CITY–Brookfield Asset Management has tapped Cushman & Wakefield to market a six property, 4,000-unit residential portfolio in Upper Manhattan seeking $1.5 billion, according to Real Estate Fund Intelligence US.
In addition, Irving Langer, who founded the real estate investment and management firm E&M, tapped B6 Real Estate Advisors to sell a 28-building portfolio with 780 residential units and nine commercial units, also in the Upper Manhattan area. Called the Harlem Ensemble, the asking price for this portfolio is $260 million.
A source with information about the properties tells GlobeSt.com that the Manhattan Ensemble is 600,000 square feet and spans the neighborhoods of West Harlem, Morningside Heights, Manhattanville and Sugar Hill. The source also notes the buildings were constructed between 1900 and the 1920s.
Such older stock product is often the focus of value-add investments. In addition, Opportunity Zones in Manhattan are most heavily concentrated north of 125th Street in Harlem, Washington Heights and Inwood, drawing more attention to the development potential in Upper Manhattan.
B6 was launched by Paul J. Massey, Jr. on July 1, 2018. In February, firm was also tapped to market another massive residential portfolio, The Rego Park 18 in Queens, for $210 million. That 18-building, 553-unit, multifamily development totals 568,000 square feet. The size of these portfolios with closely clustered assets creates unique market opportunities. However, B6 advisors declined to provide details citing client confidentiality.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
