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Dalan acquires massive multi-family portfolio

Private equity firm KKR is teaming up with Dalan Management to acquire a 14-building portfolio of large multi-family buildings across Northern and Central Brooklyn from Joseph Brunner and Abe Mandel’s Bruman Realty for $860 million, according to Bloomberg. The portfolio spans 1.5 million square feet, and consists of roughly 1,275 residential units.

  • Dig Deeper: The portfolio consists of relatively new buildings constructed under the city’s 421a program. One of the largest properties is the 286-unit residential tower at 260 Gold Street in Downtown Brooklyn, which is being valued at $250 million. Other buildings include 1056 Manhattan Avenue in Greenpoint; 340 Evergreen Avenue, 889 Bushwick Avenue, 93 Linden Street and 23 Menahan Street in Bushwick; 75 Ralph Avenue, 1873 Atlantic Avenue, 1428 Fulton Street and 1134 Fulton Street in Bedford-Stuyvesant; and 296 Wythe Avenue in Williamsburg.
  • Worth Noting: The asset was put on the market late last year, and reportedly went into contract earlier this week. [Bloomberg+TRD]

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