Camber Property Group pays $82M to Coltown Properties for Flatbush portfolio
Camber Property Group paid $81.98 million to Coltown Properties for a Flatbush portfolio with 384 units. The sale occurred in seven transactions for eight properties. The sale was financed with a $66 million loan from Merchants Bank of Indiana.
In the first transaction, Camber Property Group, led by Rick Gropper and Andrew Moelis, through the entity PPSP Preservation LLC paid Steven Neuman’s Coltown Properties’s 221 Linden Property LLC $30.6 million for 211 Linden Boulevard in Flatbush. The deal closed on April 1, 2020, and was recorded on May 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 145 residential units. The property is 176,270 square feet.
The sale price per unit is $211,340.
The $81.98 million sale for the 384-unit portfolio went into contract March 10, 2020. The last time the property sold was February 28, 2013, for $77,067,493.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $38,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the second transaction, Camber Property Group through the entity PPSP Preservation LLC paid Steven Neuman’s Coltown Properties’s 280 East 21 Property LLC $14.6 million for 280 East 21st Street in Flatbush. The deal closed on April 1, 2020, and was recorded on May 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 68 residential units. The property is 46,338 square feet.
The sale price per unit is $214,448.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $90,000.There has been one new building permit application totaling 82,417 square feet. Those plans include a total of 108 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the third transaction, Camber Property Group through the entity PPSP Preservation LLC paid Steven Neuman’s Coltown Properties’s 816 Ocean Property LLC $8.6 million for 816 Ocean Avenue in Flatbush. The deal closed on April 1, 2020, and was recorded on May 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 41 residential units. The property is 32,385 square feet.
The sale price per unit is $210,852.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the fourth, Camber Property Group through the entity PPSP Preservation LLC paid Steven Neuman’s Coltown Properties’s 672 Ocean Property LLC $7.2 million for 672 Ocean Avenue in Flatbush. The deal closed on April 1, 2020, and was recorded on May 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 34 residential units. The property is 37,800 square feet.
The sale price per unit is $211,340.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $389,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the fifth, Camber Property Group through the entity PPSP Preservation LLC paid Steven Neuman’s Coltown Properties’s 666 Ocean Property LLC $7.2 million for 666 Ocean Avenue in Flatbush. The deal closed on April 1, 2020, and was recorded on May 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 34 residential units. The property is 37,800 square feet.
The sale price per unit is $211,340.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $692,360.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the sixth, Camber Property Group through the entity PPSP Preservation LLC paid Steven Neuman’s Coltown Properties’s 682 Ocean Property LLC $7.0 million for 682 Ocean Avenue in Flatbush. The deal closed on April 1, 2020, and was recorded on May 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 30 residential units. The property is 41,868 square feet.
The sale price per unit is $232,474.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $530,000. Those filings sought to increase the number of residential units by 4 to 104
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
In the seventh, Camber Property Group through the entity PPSP Preservation LLC paid Steven Neuman’s Coltown Properties’s 91-95 East 18 Property LLC $6.8 million for 95 East 18th Street, 91 East 18th Street in Flatbush. The deal closed on April 1, 2020, and was recorded on May 22, 2020. The transaction consists of 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 32 residential units. The property is 19,544 square feet.
The sale price per unit is $211,340.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link