New York & Tri-State + Outer + Apartments | July 11, 2019

Harbor Group Adds Crown Heights Luxury Rentals

Harbor Group International (HGI) has acquired the Frederick, a newly-built luxury apartment property in the Crown Heights section of Brooklyn. The Norfolk, VA-based investment and management firm paid $117 million to acquire the 193-unit Frederick from Heritage Equity Partners’ Toby Moskovits and Michael Lichtenstein.

“The purchase of The Frederick in the growing Crown Heights neighborhood underscores Harbor Group International’s commitment to investing in high-quality assets within well-located areas,” said Jordan Slone, CEO of HGI. “With this property, we continue our key objective of acquiring multifamily properties in top-tier markets, especially in areas with strong development and growth potential.”

Image Capital LLC partnered in the deal, which was brokered by Westwood Realty Associates. Sheldon Chanales of Herrick, Feinstein LLP provided legal counsel to HGI, while Ilan Lerman of Jeffrey Zwick and Associates represented Heritage Equity Partners.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).