Pinnacle Group Buys Out Hudson Realty in $208M Deal
- Mar 18, 2014
Real estate investment firm Pinnacle Group has bought out the interests of its equity partner, Hudson Realty Capital, in 26 apartment buildings in Brooklyn for $208 million, it was announced Friday by New York law firm Pryor Cashman.
Pryor Cashman partners Ronald Kremnitzer and Samson Bechhofer represented Pinnacle.
The buildings have 20 to 100 units each.
As of press time, neither Pinnacle nor Hudson could be reached for further information or comment.
“The multi-family market in the outer boroughs is red hot at the moment. Extraordinarily low yields in Manhattan are increasingly pushing investors to Brooklyn, Queens and the Bronx,” Bob Knakal, chairman of Massey Knakal Realty Services, told Commercial Property Executive.
The portfolio, consisting mostly of buildings in or near Crown Heights or Prospect Park South, had been purchased by the partners from Praedium Capital for $133 million in 2003, according to TheRealDeal.com.
The same site also reported in early February that Hudson Realty Capital was looking to sell a 53-building, 1,270-apartment portfolio in the Kew Gardens area of Queens for an amount up to $250 million. Massey Knakal is marketing that portfolio for Hudson.