Arker Companies pays $33.5M to Phoenix Realty Group for rentals in Bedford-Stuyvesant

Arker Companies paid $33.5 million to Phoenix Realty Group for rentals in Bedford-Stuyvesant in two separate transactions.

In the first, Arker Companies through the entity Albany Kingston Housing Development Fund paid Phoenix Realty Group’s Kingston Heights Apartments L.P. $18.5 million for 305 Decatur Street, 39 Kingston Avenue, 37 Kingston Avenue, 24 Mac Donough Street, 30 Mac Donough Street, and others in Bedford-Stuyvesant. The deal closed on October 21, 2020, and was recorded on November 24, 2020. The transaction consists of 9 parcels, including the tax class multifamily, over six families without stores (C1) and containing 133 residential units. The parcel(s) have total development potential of 117,978 square feet.
The sale price per unit is $139,098.

The contract date was listed as October 16, 2019. The last time the property sold was December 20, 2007 for $8,779,903. The signatory for Phoenix was Ron Orgel, for Arker it was Daniel Moritz.

Direct link to Acris document. link

In the second transaction, Arker Companies through the entity Albany Kingston Housing Development Fund paid Phoenix Realty Group’s Albany Crossings Apartments L.P. $15 million for 15 Albany Avenue, 7 Albany Avenue, 5 Albany Avenue, 3 Albany Avenue, 1 Albany Avenue, and others in Bedford-Stuyvesant. The deal closed on October 21, 2020, and was recorded on November 24, 2020. The transaction consists of 6 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 92 residential units. The parcel(s) have total development potential of 118,836 square feet.
The sale price per unit is $163,043.

The contract date was October 16, 2020. The last time the property sold was December 20, 2007 for $6,865,621.

Direct link to Acris document. link