Dermot Co. Trades 3-Property Upper Manhattan M-F Portfolio
- Jan 21, 2014
The Dermot Co. Inc. closed 2013 with the disposition of a group of three multi-family properties in Manhattan’s Inwood neighborhood. With the assistance of brokerage firm Institutional Property Advisors, the real estate concern sold the 186-unit portfolio to A&E Real Estate Management L.L.C.
It’s a rare investor that wouldn’t want a piece of the Big Apple’s apartment market, let alone a fully leased portfolio in the city. Inwood may not be Soho, but Dermot’s offerings–623 and 631 W. 207th St., 222-228 Seaman Ave. and 29-45 Sickles St.– fetched their fair share of attention. A spokesperson told Commercial Property Executive that the group “attracted a broad range of private investors and sponsors with outside capital sources.”
It was somewhat of a short-term hold for Dermot. The company had acquired two of the assets, Seaman and Sickles, in 2006, and picked up the 207th St. property in 2007. Under Dermot’s ownership, the 1920s-era buildings have benefited from institutional-quality maintenance.
“The acquisition of this well-performing portfolio provides the new owner with reliable cash flow and the ability to capitalize on the future growth and appreciation of this increasingly desirable neighborhood in Upper Manhattan,” Peter Von Der Ahe, advisor with IPA, said in a prepared statement. IPA worked with a team from its parent company, Marcus & Millichap, to arrange the sale on Dermot’s behalf.
Dermot, a fixture on the New York real estate scene for more than 20 years, is not shy about selling off collections of properties when the mood strikes and the timing is right. The company kicked off 2013 with the disposition of a three-borough, 14-building apartment and retail portfolio through its affiliate for $190.5 million. And later in the year, Dermot sold a group of three apartment properties featuring 178 high-end units on the Upper West Side for $70 million.