L+M Development Partners and Invesco Real Estate through the entity River Crossing Owner Housing Development Fund paid Brookfield Property Partners and Urban American Management’s Bsrep Ua River Crossing LLC $325.0 million for 1962 1st Avenue and 1940 1st Avenue in East Harlem, as well as a leasehold with no transaction price at 455 East 102nd Street. The deal closed on October 23, 2019, and was recorded on October 29, 2019.
The transaction consists of 3 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 761 residential units. These transfers are the first recorded in what was reported to be a $1.2 billion acquisition.
The last time the three properties sold was October 22, 2014, for $230.5 million for two of them while the third property did not have a transfer price in 2014 nor in 2019. A Cushman & Wakefield team led by Adam Spies and Douglas Harmon marketed the properties.
Correction: In a previous version of this post, the total sale price was incorrect. The correct price is approximately $1.2 billion. Also, the seller was identified as Brookfield Asset Management. The name was corrected to Brookfield Property Partners.