Harbor Group Buys Brooklyn Community for $117M
- Jul 11, 2019
Harbor Group International has acquired a Class A community in Brooklyn, N.Y. for $117 million. Purchased from Brooklyn-based Heritage Equity Partners, the 193-unit property, dubbed The Frederick, is located in the Crown Heights neighborhood. Image Capital LLC partnered in the deal and Westwood Realty Associates brokered the transaction.
Built in 2017, The Frederick is located at 564-570 St. John’s Place, two blocks from the Brooklyn Museum, The Brooklyn Botanic Garden and Prospect Park. Several subway stations are located nearby, including the 2, 3, 4 and 5 train lines. The popular neighborhood offers a variety of restaurants and nightlife options. The luxury building offers a mix of studio, one- and two-bedroom units that feature nine-foot ceilings, solid maple hardwood floors and washers and dryers in each unit. Resident amenities at the property include a rooftop deck, fitness center, tenant lounge, part-time doorman, onsite parking and storage.
Earlier this month, a joint venture between Rose Associates and Benenson Capital Partners landed a $178 million refinancing loan for Hoyt & Horn, the partnership’s 368-unit mixed-income community that was completed last year in downtown Brooklyn.
Brooklyn’s multifamily market has continued to perform well in 2019, according to a just-released Yardi Matrix report. The borough’s occupancy rate in stabilized properties, at 98.7 percent as of March, has remained one of the highest across the country. In 2018, more than 5,000 new multifamily units were added to the market, a new cycle high for Brooklyn.