7/29/2019 Massey Knakal Castellan Press Release
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Contact: Shannon Krause, Public Relations Manager,
[email protected]
Massey Knakal and RiverOak Partnership Invest in Northern
Manhattan Multifamily Portfolio
(New York, September 16, 2013) 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 partnerships 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 faade.
The Harlem Portfolio exemplifies the partnerships 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 SERVICESFounded in 1988, Massey Knakal
Realty Services is a diversified real estate firm that
focusesexclusively on the New York Metro area in representing
owners in the sale, retail leasing or financing oftheir property.
With more than 150 real estate real estate professionals, Massey
Knakal has been NewYorks 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, LLCFounded in 1999 and headquartered
in Stamford, CT, RiverOak Investment Corp., LLC is an
investmentmanagement firm focused on providing joint venture equity
to best-in-class local sponsors andoperators in value-added
commercial real estate throughout the Northeast corridor. RiverOak
is focusedon creating significant returns for its investors through
strategic value-added acquisition, development,capitalization,
repositioning and management of real estate assets.
