FREO Group pays $23M to Ami Ariel’s G-Way Management for property in Clinton Hill

The global property investment fund, the FREO Group, through the entity 79 Clifton Place Owner LLC paid Ami Ariel’s G-Way Management’s Clifton Grand, LLC $22.9 million for 83 Clifton Place in Clinton Hill. The deal closed on January 7, 2020, and was recorded on January 22, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 40 residential units. The property is 57,937 square feet. The parcel(s) have total development potential of 57,937 square feet.
The sale price per unit is $572,500.
This appears to be the first New York City acquisition for the large company, based in London, and with a total of 15 offices around the world, including in Germany, Spain and France.

The last time the property sold was February 29, 2012, for $11,250,000. The seller recently refinanced the property.  Skyline Properties’s Daniel Shirazi and Jacob Lewis brokered the sale.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $806,140.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link