New York & Tri-State + Apartments | August 1, 2019

L+M, Invesco Partner on $1.2B Deal for Manhattan Apartments

L+M Development Partners and Invesco Real Estate are under contract to purchase and preserve five former Mitchell-Lama developments in Manhattan from Urban American and Brookfield Asset Management for $1.2 billion. The portfolio’s new owners plan to return more than 1,800 of the units to rent regulation in partnership with the city’s Department of Housing Preservation & Development.

Built between 1975 and 1970, the former Mitchell-Lama developments include River Crossing, the Heritage, the Miles and the Parker in East and Central Harlem, and Roosevelt Landings on Roosevelt Island. The 2.2 million-square-foot portfolio exited the Mitchell-Lama program in 2005.

A Cushman & Wakefield team of Adam Spies, Doug Harmon, Josh King, Adam Doneger, Michael Collins and Marcella Fasulo advised the sellers.

The deal was funded through the L+M Workforce Housing Fund, which completed fundraising earlier this year, raising roughly $500 million. L+M intends to invest the capital over the next several years.

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About Paul Bubny

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).