L+M, Invesco record second group of properties that complete the $1.16B purchase from Brookfield, Urban American of 2,800-unit portfolio

L+M Development Partners and Invesco Real Estate recorded four transactions yesterday totaling $835 million that combined with the $325 million recorded yesterday yield to purchase price of $1.16 billion for approximately 2,800 residential units in Upper Manhattan. The seller was a joint venture between Brookfield Property Partners and Urban American Management.

In the first of the four transactions, the owners through the entity Roosevelt Landings Owner Housing Development Fund paid Brookfield Property Partners and Urban American Management’s Bsrep Ua Roosevelt Landings LLC $340.0 million for 510 Main Street in Roosevelt Island.

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 $3,712,860.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, L+M and Invesco, through the entity Heritage Holdings Housing Development Fund paid Brookfield Property Partners and Urban American Management’s Bsrep Ua Heritage LLC $340.0 million for 1309 5th Avenue in East Harlem. The deal closed on October 23, 2019, and was recorded on October 30, 2019. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 600 residential units.

Over the past five years, there have been 13 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $2,596,520.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third transaction, L+M Development Partners and Invesco Real Estate through the entity Miles Parker Owner Housing Development Fund paid Brookfield Property Partners and Urban American Management’s Bsrep Ua Miles LLC $131.3 million for 1982 Lexington Avenue in East Harlem. The deal closed on October 23, 2019, and was recorded on October 30, 2019. The transaction consists of 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 341 residential units.

Over the past five years, there have been 3 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 $1,107,806.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

And in the fourth transaction, L+M Development Partners and Invesco Real Estate through the entity Miles Parker Owner Housing Development Fund paid Brookfield Property Partners and Urban American Management’s Bsrep Ua Parker LLC $23.7 million for 1894 Lexington Avenue in East Harlem. The deal closed on October 23, 2019, and was recorded on October 30, 2019. The transaction consists of 1 parcel, including the tax class cooperative (D4) and containing 64 residential units.

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 $271,135.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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