NEW YORK, NY – December 19, 2016 – Emerald Equity Group has acquired the former “Dawnay, Day Portfolio” from Fairstead Capital and E+M Associates for $357.5 million. The East Harlem and Manhattan portfolio is comprised of 47 buildings, totaling 712,571 square feet and 1,181 units.
(From left to right) Victor Sozio Executive VP - Brokerage Services, Shimon Shkury President and Michael A. Tortorici Executive VP - Sales Operations
Fairstead, a New York City-based investor and manager of multifamily property, acquired the portfolio with E&M from a special servicer in 2013 for an undisclosed sum. Previously the properties had been owned by Dawnay Day Group, a now-defunct U.K. investment firm, which bought the portfolio for $225 million in 2007.
A team led by Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Michael A. Tortorici represented the sellers, Fairstead and E+M, and procured the buyer, Emerald Equity Group.
Mitchell Taras of the Sadis & Goldberg provided legal representation to the seller and Jeffrey Zwick of Jeffrey Zwick & Associates, P.C. provided legal representation to the buyer.
For More information, please contact: Shimon Shkury 212.544.9500, ext. 11, sshkury@arielpa.com; Victor Sozio, ext. 12, vsozio@arielpa.com and Michael A. Tortorici, ext. 13, mtortorici@arielpa.com.
