Stone Street Properties, a real estate investment firm founded in 2011 by Jeffrey Kaye and Robert Morgenstern, spent most of its first two years buying up large portfolios of multi-family units from Manhattan landlords such as Robert Koppelman and Icon Realty Management. Recently, though, the start-up has been actively selling off some of its holdings.
The latest: Stone Street has tapped investment sales brokerage Massey Knakal Realty Services to sell a Manhattan portfolio comprised of five buildings on the Upper East Side and in the East Village. The asking price for the portfolio, which totals 144,000 square feet, has been set at $150 million, according to a source who was familiar with the company’s plans.
Stone Street acquired the portfolio from Icon in 2011 for roughly $99 million, public records show. The company manages all of its properties in-house, aiming to add value gut renovating and reconfiguring units.
The elevator buildings comprising the portfolio are located at 176 East 3rd Street, 420 East 66th Street, 336 East 81st Street, 344 East 85th Street and 404 East 88th Street. Together, the buildings house 270 rental apartment units.
Bob Knakal, chairman of Massey Knakal, confirmed that the company was marketing the portfolio but declined to comment further.
In a statement, Kaye told TRD: “We continue to look for new opportunities and will always consider the sale of one or more of our assets if the financials make sense.”
So far, Stone Street has sold a 21,849-square-foot building at 100-102 Christopher Street to Michael Shah’s DelShah Capital for $27 million, as well as a a 26,480-square-foot property at 7-11 Cornelia Street. That property went to a Queens-based investor for nearly $24.6 million. The deals were reported last year.