Massey Knakal And RiverOak Partnership Invest in Northern Manhattan Multifamily Portfolio
Massey Knakal Realty Services and RiverOak Investment Corp., LLC, announced today that the companies’ partnership, MKRO, has made a $3.7 million investment in a portfolio of multifamily buildings located in Northern Manhattan. The investment was made on behalf of MKRO I, the partnership’s value-added real estate fund that targets commercial real estate investments in New York City, and with its partner Castellan Real Estate Partners, a New York City based real estate investment management firm.
The portfolio is comprised of four separate properties with 197-units totaling 106,620 square feet of residential, 4,300 square feet of retail and four cell towers in well-located areas in East and West Harlem. The properties are scheduled to undergo significant interior renovations, including unit reconfigurations and new kitchens and bathrooms, in addition to upgrading the landscaping, common areas and façade.
“The Harlem Portfolio exemplifies the partnership’s ability to identify value and invest with best-in-class local sponsors,” commented Paul J. Massey Jr., Chief Executive Officer of Massey Knakal.
“We are very excited about this opportunity and its potential to contribute value for our investors,” commented Steve DeNardo, Chief Executive Officer of RiverOak. “Harlem is enjoying a resurgence that has fostered significant commercial investment in the area and continues to attract a well-educated workforce. Vacancy is low and demand is expected to remain high due to a lack of new supply, a growing population and soaring rents south of Harlem.”
MASSEY KNAKAL REALTY SERVICES
Founded in 1988, Massey Knakal Realty Services is a diversified real estate firm that focuses exclusively on the New York Metro area in representing owners in the sale, retail leasing or financing of their property. With more than 150 real estate real estate professionals, Massey Knakal has been New York’s leading investment sales by volume since 2001. Since 1988, the firm has transacted approximately 4,500 assignments with an aggregate value of more than $17 billion.
RIVEROAK INVESTMENT CORP, LLC
Founded in 1999 and headquartered in Stamford, CT, RiverOak Investment Corp., LLC is an investment management firm focused on providing joint venture equity to best-in-class local sponsors and operators in value-added commercial real estate throughout the Northeast corridor. RiverOak is focused on creating significant returns for its investors through strategic value-added acquisition, development, capitalization, repositioning and management of real estate assets.