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Acquisitions

Harbor Group acquires 564 St. John’s Place

Jordan Slone’s Harbor Group International has acquired 564 St. John’s Place from Toby Moskovits’ Heritage Equity Partners for $117 million, according to TRD. The Crown Heights apartment building spans 136,864 SF, and contains 193 apartments (40 are affordable). 

  • Worth Noting: Moskovits and partner Michael Lichtenstein were locked in a legal battle with previous lender Benefit Street Partners last year over the asset. The partners subsequently secured a $97 million refinancing from Arbor Realty Trust to stave off a foreclosure auction. At the time, the new senior loan replaced $81 million in construction debt and a $8 million mezz piece. 
  • Flashback: The sellers paid $24 million for the development site in 2014. 
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