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Acquisitions

Old Trump properties sell to Parkoff

The Parkoff Organization has acquired 162-15 Highland Avenue, 8700 25th Avenue, and 8635 21st Avenue from Ruby Schron’s Cammeby’s International Group for $63 million, PincusCo first reported. The three rental buildings – two in south Brooklyn and one in Jamaica Hills – span a total of 329,852 square feet, and contain 330 apartments

Financing: Parkoff secured a $43.5 million acquisition loan from New York Community Bank to close the deal.  The buyer was in a 1031 exchange and plans a long-term hold for the properties. 

Flashback: The properties last changed hands in 2004 as part of a portfolio deal involving 23 properties in Brooklyn and Queens. The seller was Robert Trump and the three assets had listed sales prices totaling $30.7 million. [MHN+PincusCo]

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