The Frederick, 564-570 St. Johns Place The Frederick, 564-570 St. Johns Place

NEW YORK CITY—Harbor Group International, a privately-owned real estate investment and management firm, and investor Image Capital, purchased the newly built multifamily apartment building called The Frederick, located at 564-570 St. Johns Place in Crown Heights, Brooklyn. The developers, Toby Moskovitz and Michael Lichtenstein of Heritage Equity Partners, sold the development for $117 million.

Crown Heights historically had not been a neighborhood known for luxury residential developments. Years ago, racial riots in August 1991 created national headlines. In those days, a tense atmosphere not only in Crown Heights but other nearby Brooklyn areas was not enticing developers to build or people to move into the neighborhood. But times have changed.

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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.