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TheRealDeal

Here are NYC’s largest portfolio deals of 2022

02/22/2023

New York dealmakers pumped the brakes on acquisitions in 2022. Banks pulled back on lending. Broker commissions dwindled.

But some creative bigwigs still found ways to assemble deals piece by piece. Last year’s five largest portfolio deals in the city totaled more than $1.8 billion.

In the Upper West Side, Extell put up big bucks to acquire a Disney campus. Meanwhile Hackman and Square Mile bought massive movie studio space in Astoria. A&E, one of New York’s largest multifamily landlords, also made moves into Queens.

Let’s take a closer look at all five of the largest portfolio deals of 2022:

Extell Development | Upper West Side | $931 Million 

Gary Barnett’s Extell Development completed the largest portfolio deal of the year when it purchased the final piece of Disney’s campus in the Upper West Side. Extell also landed about $900 million in financing from Guggenheim Partners and Aquarian Holdings. Eastdil Secured’s Gary Phillips and Will Silverman brokered the sale to Barnett.

Hackman Capital Partners & Square Mile Capital | Astoria | $382 million

Hackman Capital Partners & Square Mile Capital finally sealed the deal to acquire the Kaufman Astoria Studios. The deal, which was actually valued at $600 million, included a 500,000-foot building, which includes 11 sound stages. The transaction was announced in late 2021, but was not recorded until January 2022 in property records and was completed through four separate transactions. The acquisition signals the firms’ bet on strong demand for studio space driven by streaming giants like Netflix and Disney+.

CBRE | East New York, Brooklyn | $230 Million

CBRE snagged two Brooklyn warehouses operated by Amazon from Wildflower in an all-cash deal. CBRE’s Doug Middleton and Brian Fiumara represented both sides of the deal. Amazon Logistics inked a deal to lease the 211,000-square-foot Brooklyn Logistics Center in 2020. The retail giant also made tenant improvements to the logistics center.

Cape Advisors | Astoria, Queens | $155M

Moscow-based Pioneer Group sold its stake in a 534-unit rental development in Astoria to its partner Cape Advisors. The deal came just after the U.S. started imposing sanctions on Russian companies, but it is unclear if Pioneer’s sale was related to the sanctions. The properties sit on waterfront Astoria and span multiple addresses. In 2020, the developers secured a $280 million construction loan from Square Mile Capital.

A&E Real Estate | Queens Village | $130M

A&E Real Estate acquired a 22- building multifamily portfolio from Benjamin Companies for $130 million in early 2022. The 1950s-era development has more than 1,000 apartments across four city blocks and was 99 percent occupied. It was one of the biggest pandemic-era multifamily deals in Queens since Josh Gotlib’s Black Spruce Management paid $87 million at the end of 2021 to buy a four-building portfolio in Briarwood.


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