Cammeby’s Sells New York Affordable Portfolio for $63M
- Jul 29, 2020
Cammeby’s International Group has completed the $63 million sale of a three-property portfolio totaling 351 units to The Parkoff Organization, according to public records. The deal included Chelsea and Fiesta, two fully affordable communities in Brooklyn and Belcrest House, a partially affordable property in Queens. New York Community Bank provided $43.5 million in acquisition financing.
The assets last changed hands in 2004 as part of a portfolio deal involving 23 properties in Brooklyn and Queens. The Trump Organization was the seller, Yardi Matrix shows.
Built in 1962, the 105-unit Belcrest House is located at 162-15 Highland Ave. in Jamaica, N.Y., and has studio to three-bedroom units. Amenities include two swimming pools and two laundry facilities. The Fiesta and Chelsea communities, completed in 1962 and 1963, each have 123 units and are located at 8635 21st Ave. and 8700 25th Ave. Floorplans range from studio to two-bedroom apartments.
Last year, Parkoff paid $28 million for a fully affordable, 107-unit community in Brooklyn. Signature Bank provided $18 million in financing for the purchase from Morris Weintraub Associates.