Korman Communities Acquires Three Manhattan Multifamily Properties For $188.9M From CalSTRS And BlackRock

The properties involved in the transaction consist of three extended-stay properties located at 42 West 58th Street, 123 West 44th Street, and 330 East 56th Street in Midtown West, Manhattan. The total sale price for these multifamily assets was $188,900,000, with a combined square footage of 424,244 and a price per square foot of $445. Additionally, the properties contain a total of 322 units, resulting in a price per unit of $586,646.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $188,900,000
• Sale Price per Square Foot: $445
• Total Square Footage: 424,244
• Number of Units: 322
• Price per Unit: $586,646
• Buyer: Larry Korman & Brad Korman - Korman Communities
• Seller: CalSTRS & BlackRock

Korman Communities acquired the properties by buying out their partners CalSTRS and BlackRock, indicating a significant shift in ownership. This transaction reflects a gross asset value of approximately $220 million, which denotes a notable decrease from the portfolio’s earlier valuation of around $391 million in 2015.