Brookfield to sell $1.4b NYC multifamily portfolio

Brookfield Property Partners has plans to sell its $1.4 billion Upper Manhattan multifamily portfolio, known as the Putnam portfolio, according to Commercial Observer, citing sources familiar with the matter.

The Putnam portfolio comprises nearly 4,000 rental units and includes properties at 1890 Lexington Avenue, 1295 Fifth Avenue, 1660 Madison Avenue and 420 East 102nd Street.

The portfolio is in one of Brookfield’s opportunity funds, Brookfield Strategic Real Estate Partners I (BSREP I), which closed with more than $4.4 billion in 2013. Brookfield Strategic Real Estate Partners will invest in commercial property globally, with a specific focus on Australia, Brazil, Europe and North America. The fund will acquire properties through direct investment, as well as invest in real estate companies and distressed loans and securities.