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Parkoff Organization closes on $115 million portfolio

The 424-unit multi-family deal sold for $115 million

Adam Parkoff (Credit: Stoler Report)

The Parkoff Organization has closed on its acquisition of a 424-unit multi-family portfolio from Morris Weintraub Associates for $115 million, according to TRD. The vast majority of the apartments are rent stabilized.

Addresses… 1701 West 3rd Street in Gravesend (107 units); 1561 East 13th Street (66 units), 2016 Avenue N (60 units), and 900 Avenue H (65 units) in Midwood; 150 East 74th Street in Bay Ridge (60 units); 175-27 Wexford Terrace in Jamaica Estates (66 units).

Background on the seller: The portfolio has been owned by the the late Morris Weintraub since the late 1960’s. His son Leonard now runs the company.

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