Recapitalization Value of 60-Building Manhattan Residential Portfolio $400M as Stake Sale Enters into Contract

A roughly 50% interest in the 950-unit portion of an 1800-unit residential portfolio owned by Black Spruce Management has entered into contract. Contract vendees Isaac and Eli Chetrit are paying approximately $200 million for the partial stake in the 60-building package. The buildings located around 49th Street in Hell’s Kitchen and Morningside Heights in Manhattan span a combined total of about 640,000 square feet.