$75,930,000, 18-Building Portfolio Is Brooklyn’s Largest Sale In 2017
$75,930,000, 18-Building Portfolio Is Brooklyn’s Largest Sale In 2017
12/15/2017
The irony in selling the largest Brooklyn portfolio of 2017 for over $75,000,000 was that the buildings were not that large. The sale of the 18-building portfolio known as BK18 was a unique collection of properties and was Brooklyn’s largest Multifamily portfolio sale in 2017. The transaction underscores the worldwide investor interest in Brooklyn. The trade also highlights the investment potential New York property offers–one of the best Multifamily investments in the US.
“Shaun and the NYM team executed at the highest level and showed tremendous perseverance in selling my entire Brooklyn portfolio of 18 buildings. There is a real sense of teamwork and a commitment to results within their culture… I would highly recommend them .”
– Peter T., former owner of BK18
Niche Expertise
BK18 required the expertise of a specialized brokerage team. Normally, when an investor invests almost $80,000,000, they want to purchase a single asset. They want to look up and see a larger property reaching toward the sky.


Additionally, a particular challenge associated with the sale of BK18 was the scale of due diligence required for 18 buildings at once. To get a further understanding of NYC due diligence issues, see Due Diligence: How Has It Changed for New York City Multifamily Owners?
Global Reach
The $75,930,000 sale of BK18 required a team of specialists who understood the details of Brooklyn’s future growth and were capable of conveying the benefits of owning this portfolio to domestic and international investors.
The New York Multifamily team reached a global network of investors and attracted capital from institutions, large private families, and foreign investors. In the end, BK18 was purchased by a growing local operator, backed by West Coast private equity. This was the perfect combination of out-of-market capital that wanted access to New York’s Multifamily market, teaming up with local, hands-on operators. This meant NYM could negotiate a market-leading price on behalf of the seller, achieving an average sales price of $435 per square foot across the portfolio.
Creating Value
The BK18 portfolio took many years to assemble with the previous owner obtaining the majority of the properties during the recent economic downturn. The seller created value by recognizing the right time to make capital investments. This included renovating building systems and upgrading units. Then, capitalizing on growing renter demand as these Brooklyn neighborhoods improved. The borough of Brooklyn will continue to be first on the list for renters and investors, leaving the future owners of BK18 with continued appreciation.

If you are interested in learning how you can be our next success story or are interested in the potential value of your asset, please contact me below.
Buy Peter's Book Today! Available on Amazon.
Catch up on our most recent posts here:
4 Crucial Market Events that Will Impact Your NYC Multifamily Sale in 2022
Are you thinking of selling but don’t know when? I’m going to review four upcoming milestones in 2022 that sellers should consider before deciding when to put a building on the market.
read moreRising Rates & Inflation: What Should You Do?
The most common question clients ask me is: what’s happening in the market today? I answer this question with comparable context. Let’s review how interest rates, property taxes and compliance in the beginning of 2022 are different from the end of 2021.
Spoiler Alert! The factors we’ll run through have negative impacts on value, but the result of my findings is that values have remained remarkably stable.
The Three Most Influential Factors Impacting Upper Manhattan & Bronx Apartment Buildings In 2022
The most common question clients ask me is: what’s happening in the market today? I answer this question with comparable context. Let’s review how interest rates, property taxes and compliance in the beginning of 2022 are different from the end of 2021.
Spoiler Alert! The factors we’ll run through have negative impacts on value, but the result of my findings is that values have remained remarkably stable.
0 Comments