A partnership between Stone Street Properties and Arbor Management Acquisition Company has acquired a nine building multifamily portfolio in Manhattan and Brooklyn in a $86 million deal. Six of the Manhattan buildings are located on the Upper East Side, east of Second Avenue. The Upper East Side properties consist of a one elevator building and five walk ups totaling 67,122 square feet. The unit mix includes six retail units and 125 residential units, of which 22 are studios, and 53 are two bedroom apartments.
Three of the Brooklyn buildings are located along Washington Avenue in the Clinton Hill neighborhood. The Clinton Hill properties consist of one elevator building and two walk-ups totaling 60,271 square feet. The unit mix includes 78 residential units, of which 13 are studios, and 32 are one bedroom apartments. Eastern Consolidated Senior Director Andrew Sasson and Director Tripp Lyons represented the sellers, a group led by RD Management principal Richard Birdoff, who owned and managed the buildings for 35 years.
